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Paul McBeth
Paul McBeth
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Commerce Commission to sit on ING decision for another month

Friday 16th of April 2010

 

The regulator confirmed it has made a decision over ANZ New Zealand's promotion of the two funds, which Good Returns understands will entail a fine, but is in ongoing discussions with the bank and will not make an announcement for at least a month.

"Until that's concluded we won't be making any comment," said a commission spokeswoman.

Commission chairman Mark Berry pushed out the decision until the first fortnight of April due to a clash with the regulator's work priorities, after earlier indicating it would be forthcoming in March.

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Latest Comments
Advisers embrace Westpac after trail commissions removed
@The Laird - No, not really. The headline of this article could equally have been: "Advisers embrace Westpac after upfront commissions increased to highest across the main banks."
4 hours ago Paul Flood
Advisers embrace Westpac after trail commissions removed
Doesn't this result call into question the criticism from certain quarters that Mortgage Advisers are driven predominantly by commission considerations?
9 hours ago The Laird
FMA wants clearer fees
@first time caller - I can see the complexity you highlight, but as above, investors should be able to see what they are paying without having to reference multiple documents. Investment admin can track and report deductions for tax, withdrawals, fees et al, would be /should be straightforward to aggregate advice fees into costs at member level... at least I hope so.
1 day ago Goldcard
FMA wants clearer fees
@goldcard - how would you propose that a fund manager calculates the TER to include adviser fees given not all clients pay them and different advisers charge different fees, not to mention some advisors charge different fees to different clients? The advice fee gets disclosed in the adviser's disclosure statement and the statement of advice, so the client can add that to the published TER of the fund they are invested in to see how much they are paying overall.
2 days ago First time caller
FMA wants clearer fees
Schedule 4 of the FMCA regs 2014, particularly clauses 2(1) and 53(3) provide the basis for excluding individually charged advice fees from the statutory TER. This was introduced with the best of intentions, but now it is little more than an invisibility cloak for deductions from member accounts.
2 days ago Goldcard