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Articles tagged with 'Kris Faafoi'

Insolvency changes upset burnt investors

5 November 2019 - Investors who lose money in Ponzi schemes could find it harder to recover it under changes to insolvency laws announced by Government.

FMA gets litigation fund boost

29 October 2019 - The Government is increasing the Financial Markets Authority’s litigation budget by $4 million for 2019/20 to ensure the regulator has access to the resources required to bring legal proceedings when it needs to.

Legislation overload 'could have unintended consequences'

15 October 2019 - New rules of conduct for banks and insurers could be bad news for organisations already grappling with the looming implementation of the Financial Services Legislation Amendment Act, one law firm says.

Insurers won't be responsible for advisers 'at this point in time'

2 October 2019 - A new conduct regime will include "future-proofing" in case financial advice providers do not conduct themselves properly.

Finally, a breath that suggests it's not all about the advisers and their advice

1 October 2019 - As an insurance adviser, one of the challenges with the rhetoric that has been thrown around over the last few years, you could be forgiven for thinking we're the new whipping post.

Govt not throwing baby out with bathwater: Ballantyne

25 September 2019 - Government moves to introduce conduct licensing for insurers are being welcomed as proof it's taking a sensible approach to reform.

Crackdown on conduct

25 September 2019 - New rules for incentives and commissions will be introduced in wide-ranging changes revealed for the insurance and banking sector today, and the Financial Markets Authority will be given the ability to tell banks and insurers how to behave.

Commission structure may need Govt intervention: FMA

18 September 2019 - An insurance industry reluctant to move on high upfront commissions may find the Government does it for it, the Financial Markets Authority says.

Insurer response 'not good enough'

17 September 2019 - Commerce Minister Kris Faafoi says insurers are "passing the buck" to advisers.

Minister says Govt will force change

17 September 2019 - Delegates at the Financial Services Council annual conference were given a clear message that they needed to “up their game”, or the Government would intervene.

Advice rules created 'two-tier' market, working group says

10 September 2019 - More advice is needed to boost the fortunes of the New Zealand capital markets, a new report says.

Anti-commission advocate appointed to FMA board

6 September 2019 - Two new appointments have been made to the Financial Markets Authority board; One is opposes commission payments and the other a director who has polarised people.

Faafoi says some commissions will be banned

25 August 2019 - Commerce Minister Kris Faafoi tells advisers there won't be a ban on commissions, but some will go. 

COMMENT: The coming rental housing crisis

30 July 2019 - Failure of government to reverse policies will result in a calamitous fall in houses to rent and escalating rents in a crisis unseen since the 1930’s, writes veteran property investor Jonathan Bidmead.

New tenant damage, meth measures are only partial solutions

26 July 2019 - Changes to the legislation around tenant damage and meth contamination have been years in the making but now they are finally here are they any good for landlords?

Tenants liable for careless damage – to a point

25 July 2019 - Tenants will now have to take some responsibility for careless damage to rental properties after the Residential Tenancies Amendment Bill (No. 2) passed its final reading in Parliament on Wednesday.

Proposals would disrupt business models: Faafoi

16 July 2019 - Commerce Minister Kris Faafoi has acknowledged that the insurance sector could find recommendations for industry change, contained in recent options papers, confronting.

Housing team takes over from Twyford

27 June 2019 - Housing is fraught, complex and – as the Cabinet reshuffle reveals – a portfolio that is no longer considered suitable for a single minister.

KiwiSaver statements to include weekly income

5 June 2019 - KiwiSaver members will now see their projected savings for retirement and the likely weekly income it will provide on their annual statements, Commerce and Consumer Affairs Minister Kris Faafoi says.

Caution urged on financial safeguards

14 May 2019 - The government must ensure its proposed financial safeguards do not affect competition and consumer choice, according to Luke Jackson, head of Resimac's NZ business. 

Code of Conduct approved

7 May 2019 - A new Code of Conduct will ensure all financial advice provided to Kiwis is of good quality, Commerce and Consumer Affairs Minister Kris Faafoi says.

Another law review proposes more changes for insurance advisers

3 May 2019 - Life and health insurers could be required to obtain clients' medical records when they issue new policies, as part of Government proposals to tackle non-disclosure issues.

Govt told to keep out of adviser pay

2 May 2019 - Significant change is coming for insurance advisers, but one says it’s unfair that the Government is meddling in what private businesspeople are paid, at all.

Advisers' incentives in Govt sights

27 April 2019 - The Government wants a ban on soft commission and for advisers' remuneration structures to be designed with customer outcomes in mind.

Faafoi: Code 'no surprises'

10 April 2019 - Advisers are being told there won't be anything to shock them in the approved code of conduct for the sector.

Bank targets criticised

29 March 2019 - Bank targets for mortgage advisers cause more damage to customers than adviser commissions, according to lender Southern Cross Partners.

Faafoi: We don't want to wreck the system

14 March 2019 - Government is committed to cracking down on problematic remuneration incentives for financial advisers but does not want to "wreck" the industry, Commerce Minister Kris Faafoi says.

Bill to align financial markets passes reading

8 March 2019 - Commerce Minister Kris Faafoi says New Zealand's continued access to key global financial markets has been assured by legislation aligning New Zealand with other regulations reaching its first milestone.

Royal Commission slams Australian banks

5 February 2019 - If financial advisers needed any further proof that change is on the horizon, the report of the Australian Royal Commission into Misconduct in the Banking, Superannuation and Financial Advice sectors has delivered it.

Pipeline of new advisers could be stopped

1 February 2019 - A crackdown on high upfront insurance commissions could cut off the number of new advisers coming into financial services, it has been warned.

Govt confirms: Commission in the gun

31 January 2019 - High upfront commissions and overseas trips are in the spotlight as the government works to overhaul financial services sales incentives.

Advisers told: Get ready for major change

30 January 2019 - Significant change is coming for the life insurance sector this year, after the government vowed to take action on a damning report from the Financial Markets Authority and Reserve Bank.

FMA gets its wish: Insurance sales incentives to be banned

29 January 2019 - Cabinet has agreed to rid the insurance industry of sales incentives that are driving behaviour that is "not in the best interest of consumers".

Minister acknowledges slow pace of adviser laws

20 December 2018 - Commerce Minister Kris Faafoi has acknowledged some financial advisers feel the transition to the new legislative regime is taking some time to achieve.

Govt moves to allow early KiwiSaver withdrawal

14 December 2018 - Government is exploring its options to allow people with life-shortening conditions to access their KiwiSaver money earlier.

Who has Faafoi been meeting?

11 September 2018 - Sam Stubbs, Tower Insurance and Fisher Funds were among the industry players who held meetings with Commerce Minister Kris Faafoi in the three months to June.

Financial Advice NZ: Focus on outcome, not time it took

10 September 2018 - Financial Advice NZ says the new Financial Services Council code of conduct is a good example of how the industry needs to take responsibility for its own outcomes.

Advisers need to take stand in industry: Cliffe

30 July 2018 - An adviser behind a scathing letter about problems with KiwiSaver says it’s the job of independent financial advisers to make a stand in the market.

Ministers meet regulators as banks, insurers asked for information

30 May 2018 - Commerce Minister Kris Faafoi says there has been no evidence of systemic problems in financial services in this country but it is appropriate that regulators review the sector.

Law reform process asks: Are commissions bad?

22 May 2018 - Whether there is a need for more regulation of insurer conduct will be a key part of the insurance contract law review, Commerce Minister Kris Faafoi says.

KiwiSaver rules for MPs - even if their scheme doesn't exist any more

18 May 2018 - MPs including the Commerce Minister claim to be part of a scheme that was wound up five years ago. Good Returns checks out the latest register of pecuniary interests to find out where MPs have their money.

Faafoi considering complaints

19 April 2018 - Commerce and Consumer Affairs Minister Kris Faafoi says he is considering the correspondence he has received relating to the Code Working Group.

[GRTV] Special Episode: Minister discusses adviser reforms, commission and KiwiSaver

16 April 2018 - Good Returns TV is pleased to bring you an extended interview with the Minister of Commerce Kris Faafoi. In it he discusses issues with the Code Working Group, the future of commissions, KiwiSaver and churn in the life insurance sector.

[GRTV] Faafoi responds to CWG criticism

16 April 2018 - Commerce and Consumer Affairs Minister Kris Faafoi says he’s made it clear from the outset that small financial advice businesses need to have their voices heard as the new regime is developed.

Make commission details publicly available: MBIE

10 April 2018 - Government officials are suggesting all advisers make publicly available information about the fees they charge and the commissions they receive, so consumers can choose who they want to deal with.

No complaints about working group

6 April 2018 - Commerce and Consumer Affairs Minister Kris Faafoi says he has not had any formal complaints about the composition of the working group developing financial advisers’ new code of conduct.

KiwiSaver tax breaks mooted

12 December 2017 - Michael Cullen chairing the new government's tax working group could be a boon to the KiwiSaver industry, it has been predicted.

FMA preparing for advice changes

11 December 2017 - The Financial Markets Authority has told incoming Commerce and Consumer Affairs Minister Kris Faafoi that it is working through its preparations for the new financial advice regime.

The Wrap: Bill gets yes, PAA gets no

8 December 2017 - We weren’t sure it was going to happen this side of the new year but this week the Financial Services Legislation Amendment Bill had its first reading in Parliament.

It's real; Financial adviser reforms are go

7 December 2017 - The Government has pushed the go button for significant reforms to how financial advice is delivered in New Zealand. This evening the Financial Services Legislation Amendment Bill has had its first reading in Parliament and now goes to Select Committee.  

FSLAB gets promotion

4 December 2017 - Despite warnings of a delay for the Financial Services Legislation Amendment Bill, it has been bumped up Parliament’s Order Paper.

Advice bill faces year-long delay

30 November 2017 - New rules for financial advisers are likely to be delayed until the end of next year.

New minister gets into client first debate

27 November 2017 - New Commerce Minister Kris Faafoi says he’s less worried about whether New Zealand has enough financial advisers to cater for the population – and more whether the financial advisers it has are putting their clients first.

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Full Rates Table | Compare Rates

Lender Flt 1yr 2yr 3yr
ANZ 5.19 4.05 3.95 4.49
ANZ Special - 3.55 3.45 3.99
ASB Bank 5.20 4.05 3.95 4.39
ASB Bank Special - 3.55 3.45 3.89
BNZ - Classic - 3.55 3.45 3.99
BNZ - Mortgage One 5.90 - - -
BNZ - Rapid Repay 5.35 - - -
BNZ - Std, FlyBuys 5.30 4.45 4.35 4.55
BNZ - TotalMoney 5.30 - - -
China Construction Bank 5.50 4.70 4.80 4.95
China Construction Bank Special - 3.19 3.19 3.19
Lender Flt 1yr 2yr 3yr
Credit Union Auckland 5.95 - - -
Credit Union Baywide 6.15 4.95 4.95 -
Credit Union North 6.45 - - -
Credit Union South 6.45 - - -
Finance Direct - - - -
First Credit Union 5.85 3.99 4.49 -
Heartland 6.70 7.00 7.25 7.85
Heartland Bank - Online - - - -
Heretaunga Building Society 5.75 4.80 4.95 -
HSBC Premier 5.24 3.35 3.35 3.35
HSBC Premier LVR > 80% - - - -
Lender Flt 1yr 2yr 3yr
HSBC Special - - - -
ICBC 5.15 3.18 3.18 3.20
Kainga Ora 5.18 4.04 3.95 4.39
Kiwibank 5.80 4.30 4.20 4.64
Kiwibank - Capped - - - -
Kiwibank - Offset 5.15 - - -
Kiwibank Special - 3.55 3.45 3.89
Liberty 5.69 - - -
Napier Building Society - - - -
Nelson Building Society 5.70 4.25 4.15 -
Pepper Money Near Prime 5.64 - 5.44 5.44
Lender Flt 1yr 2yr 3yr
Pepper Money Prime 5.18 - 4.98 4.98
Pepper Money Specialist 7.59 - 7.39 7.39
Resimac 4.50 4.86 3.89 3.94
RESIMAC Special - - - -
SBS Bank 5.29 4.85 5.05 5.49
SBS Bank Special - ▼3.55 3.39 3.89
Sovereign 5.30 4.15 4.29 4.55
Sovereign Special - 3.65 3.75 4.05
The Co-operative Bank - Owner Occ 5.15 3.49 3.59 3.89
The Co-operative Bank - Standard 5.15 3.99 4.09 4.39
TSB Bank 6.09 4.35 4.25 4.69
Lender Flt 1yr 2yr 3yr
TSB Special 5.29 3.55 3.45 3.89
Wairarapa Building Society 5.70 4.85 4.99 -
Westpac 5.34 4.15 4.09 4.49
Westpac - Offset 5.34 - - -
Westpac Special - 3.55 3.45 3.99
Median 5.34 4.04 4.09 4.39

Last updated: 11 November 2019 4:01pm

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The maximum remuneration model for Australian life insurance advisers is to be set at what?

Upfront 40% + trail 20%

Upfront 50% + trail 10%

Upfront 50% + trail 20%

Upfront 60% + trail 10%

Upfront 60% + trail 20%

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