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Jenny Ruth
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Hanover says market continues to deteriorate

Wednesday 18th of March 2009

Accompanying its first principal payment to both Hanover and subsidiary United Finance debenture holders, the update says the company believes market conditions will be "challenging" for some time.

"But we also believe that our repayment program has been set to succeed within such conditions and we remain confident that we will be able to achieve it," Hanover said.

Despite the Reserve Bank slashing interest rates, New Zealand property values have continued to fall and sales remain at historically low levels, it said. Hanover owes more than $550 million to about %16,400 investors who were due to receive 2% of their principal back on March 15 and to receive back 8% by the end of 2009. All interest accrued since July 1, 2008 was cancelled under the plan.

Hanover said it has had some success in having loans repaid and in refinancing others but has needed to initiate mortgagee sales in other cases, such as with the Five Mile development in Queenstown.

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FMA outlines its latest expectations for advisers
Paul Flood: The danger is that the 'goalposts' (regarding what is acceptable or unacceptable adviser conduct) may be susceptible to change. Our 'Principles based' legal/regulatory environment lends itself to “prevalence-induced concept change” over time, perhaps not so much in the written laws and Code, as in the interpretation of the prescribed principles.
2 days ago Steve Wright
FMA outlines its latest expectations for advisers
Just a tip, if you use more than six, six letter words in a sentence you lose most Kiwi's. So avoid client/adviser confusion when writing your post or article if you would like it read and understood. Ironically, my last sentence was not likely read.
2 days ago Backstage
FMA outlines its latest expectations for advisers
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To correct errors in my previous post: "policies, templates, and controls" should read "policies, processes, systems and controls", and "is more conductive" should read "is more conducive".
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