Articles tagged with 'MoBIE'
Dispute resolution schemes up for review
23 April 2021 - MBIE is calling for industry feedback on the country’s four financial dispute resolution schemes after inconsistencies identified.
Financial Advice NZ conference gets funding
2 September 2020 - Financial Advice NZ is one of 200 recipients of funding via the Ministry of Business, Innovation and Employment’s Domestic Events Fund.
Commission disclosure: What's material?
6 July 2020 - Advisers' requirements to disclose what they're paid under the new financial advice regime will centre on what clients might consider a material influence.
Faafoi reassures advisers about the future
11 February 2020 - Commerce Minister Kris Faafoi has promised the financial services sector there will be no more big announcements this year.
Insurers argue cutting commissions will lead to poor customer outcomes
3 February 2020 - Product providers and adviser representatives have called for a slower pace of change in the financial services sector and for clarity of what’s expected for advisers in proposed new conduct rules.
Conduct bill will mean changes for advisers: MBIE
27 January 2020 - New conduct regulations for financial institutions will cause a limited reduction in access to financial advice because a ban or cap on commission has not been recommended, the Ministry of Business, Innovation and Employment says.
MBIE expects advisers to bear costs of regime change
9 December 2019 - Insurers and financial advisers can expect a “low to medium” increase in their costs as a result of changes to insurance law, the Ministry of Business, Innovation and Employment says.
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.
Govt seeks feedback on disclosure rules
11 October 2019 - Clients will have to be clearly told what fees they are likely to pay, and what commissions an adviser will receive, under draft disclosure regulations revealed by the Government this week.
Default KiwiSaver scheme set for overhaul
7 August 2019 - Default KiwiSaver schemes may no longer be conservative, and could be forced to charge lower fees, if Government proposals for a revamp of the scheme are adopted.
Tribunal fines landlord for insulation fail
7 August 2019 - Failure to install insulation into a rental property by the July 1 deadline has earned a Bay of Plenty landlord a $1,500 penalty and a work order.
[UPDATED - With FMA comment] Call to ensure efficient advice licensing
1 July 2019 - Government has been warned there will need to be systems in place to ensure that financial adviser licensing costs do not blow out to the same extent that some FMCA market licenses did.
900 advisers expected to leave the industry
24 June 2019 - The Ministry of Business, Innovation and Employment predicts around 900 advisers will exit the industry when the new financial advisers laws come into effect.
No extensions for insulation compliance
24 May 2019 - There will be no extensions for landlords who don’t comply with the 2016 insulation requirements, the Ministry of Business, Innovation & Employment is warning.
Incentive reform: Opportunities missed
8 May 2019 - Former Financial Markets Authority senior solicitor Simon Papa, now director of Cygnus Law, weighs in on changes proposed for the insurance sector.
FSC welcomes Govt consultation
1 May 2019 - The Financial Services Council has acknowledged the progress on the Government’s financial sector culture and conduct reform work programme with the release of two options papers and said it welcomed the opportunity to respond to them.
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.
How much you will have to pay to be an adviser revealed
14 December 2018 - The big question advisers are asking is how much it will cost to be licensed under the new regime. Good Returns can now reveal what advisers are likely to pay.
Insurance documents 'too confusing'
5 October 2018 - Insurance policy documents need to be simplified so consumers can understand them, two academics say.
Here's what officials thought of FSLAB submissions
7 August 2018 - MBIE received 72 written submissions and 33 oral submissions on the Financial Services Legislation Amendment Bill, which will bring widespread changes to financial advice. Here, we reveal what they thought of them
Call for even greater commission disclosure; New role for Bailey
3 July 2018 - One non-bank lender is calling for even greater commission disclosure than what the Ministry of Business, Innovation and Employment is proposing. ...
Disclose “incentives” and “perks”: Southern Cross CEO
2 July 2018 - The Ministry of Business, Innovation and Employment's proposals to make advisers publicly disclose commission have proven unpopular, yet one Kiwi lender would like to see advisers go even further.
Westpac makes major commission changes
29 June 2018 - Westpac has made a series of sweeping changes to its commission structure for New Zealand mortgage advisers, including removing discretionary quarterly commission payments.
RBNZ leaves OCR alone; Here's why
28 June 2018 - The Reserve Bank has left the OCR at 1.75%. Here's why it remains the same. [READ ON] ...
Adviser hits out at commission disclosure proposals
15 June 2018 - Hamish Patel of Mortgagesonline.co.nz, has warned that proposals to make advisers disclose commission could “skew things towards lenders” and leave the industry on an uneven playing field.
Disclosure consultation and commission
16 May 2018 - Incentive trips are not, it turns out, the sole preserve of insurance advisers.
No safe harbour for new advisers
17 January 2018 - Advice firms wanting to recruit new advisers could have a new hurdle once the new regime takes effect.
Stakeholders urged to submit on bill
15 January 2018 - Submitters are working to a tight timeframe to get their views in on the Financial Service Legislation Amendment Bill.
Insurers collaborate on fintech
11 January 2018 - An insurance working group has been set up to act as a conduit for fintech development in the sector.
More consultation on Minister's to-do list
19 December 2017 - The Ministry of Business, Innovation and Employment wants to see consultation papers on the regulation of financial advice issued within the first 100 days of this government's term.
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.
Few takers for advice - but retirees rue missed opportunity
7 December 2017 - Many retirees regret not taking financial advice, but it’s not easy to get people who need it to take an interest, data shows.
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.
A survival guide for financial adviser licensing
21 November 2017 - All financial advisory businesses will begin a mandatory licensing process, but do not fear, the FMA comes in peace, John Berry says. In the first of two-part commentary he shares his views on what to expect and how to prepare for change.
Report, not court action, for Goldman Sachs
15 November 2017 - Trading by Goldman Sachs New Zealand might have been misleading but that will not be tested in court, the Financial Markets Authority says.
Target on advisers outside associations
7 November 2017 - Advisers who are not members of a professional association risk becoming disengaged or missing out on important information about the upcoming advice regulation overhaul, the Financial Services Council says.
Your new boss revealed
25 October 2017 - Labour has revealed who will take over as Commerce and Consumer Affairs Minister.
Nagging and the definition of ‘financial advice’
28 August 2017 - Once upon a time we had this corporate guru come and talk to us about teams and communications.
Dale-Jones happy with Code Working Group
9 August 2017 - The chairman of the Code Working Group, Angus Dale-Jones, responds to criticism of the make up of the group and also outlines its plans.
Dale-Jones: Judge us on our transparency
9 August 2017 - The chairman of the working group set up to develop a new industry code of conduct has deflected criticism of a lack of adviser involvement.
Law changes an imperfect improvement
8 August 2017 - Changes made to the Financial Services Legislation Amendment Bill before it was introduced to Parliament have been welcomed by the financial advice sector - but some say they did not go far enough.
Bill won't get through this term - so what?
7 August 2017 - Labour 'can't guarantee' position of support for the Financial Services Legislation Amendment Bill won't change.
MBIE: Advisers will be consulted
11 July 2017 - The Ministry of Business, Innovation and Employment has responded to adviser concerns about a lack of an independent advice practitioner in the working group that will develop the new code of conduct for the sector.
Legislation date confused: MBIE
23 June 2017 - An MBIE error is being blamed for a line in a press release this week that said the Financial Services Legisation Amendment Bill would be introduced to Parliament this month.
Let's get these adviser rules right
14 March 2017 - It's been a couple of weeks since the Exposure Draft of the proposed new financial adviser legislation was released and something funny has happened. Lots of people in the financial advice sector agree on things.
MBIE releases proposed KiwiSaver changes
5 October 2016 - KiwiSaver providers should be required to disclose a range of extra information in their annual statements, including the total fee in dollar terms a member has paid during the year, the Ministry of Business, Innovation and Employment is suggesting.
Fees in dollar terms? Easier said than done
28 September 2016 - Work is under way to require superannuation savings scheme providers to report on their annual fees in dollar terms – but some providers say that might be harder than some expect.
Support for wholesale change, except from banks
11 May 2016 - Banks have slated a proposal to require investors to opt in to wholesale status – a move that the rest of the financial services sector supports.
Law Society backs greater powers for professional associations
21 April 2016 - Lawyers are backing one professional body to represent all financial advisers.
Lawyers argue exemptions should stay
24 February 2016 - Lawyers say there is no evidence that the Financial Advisers Act exemption that allows them to offer financial advice in the normal course of their business is having any detrimental effect on consumers.
Don't give professional bodies regulatory role: Committee
15 February 2016 - The committee that administers authorised financial advisers’ code of conduct does not want professional bodies playing a more active role in regulation and licensing in the sector.
Forum attendees agree changes needed
11 February 2016 - Ministry of Business, Innovation and Employment analysts have a raft of new feedback to consider on the Financial Advisers Act review.
MBIE rates financial advice as a career
10 February 2016 - Financial advice may be a career with good job prospects for young people because many in the industry are due to retire over the next decade, the Ministry for Business, Innovation and Employment says.
Concern adviser numbers will fall
19 January 2016 - There are concerns further regulatory change could drive more advisers from the industry.
RMA won't fix Auckland housing crisis
27 November 2015 - The introduction of legislation to overhaul the Resource Management Act in Parliament has been met with a mixed response. Read here. Also read, how...
Hundreds offer FAA review input
12 October 2015 - Hundreds of people have made their views on the Financial Advisers Act heard.
Southall moved from review
24 August 2015 - There has been a change at the helm of the Financial Advisers Act review.
162 offer FAA feedback
31 July 2015 - MBIE says it is pleased with the level of feedback it has received in response to the Financial Advisers Act review issues paper.
What is the problem the FAA is trying to fix?
3 July 2015 - As the review of the Financial Advisers Act slowly rolls on we have had a few interesting reports come out. Here I take stock of what we’ve learnt so far.
Advice is about relationships, not legislation
3 July 2015 - It will come as no surprise to advisers that a survey of consumers shows that they value their personal relationship more highly than legislative requirements and qualifications.
People behind FAA review changing
26 June 2015 - Advisers say the faces they deal with at MBIE keep changing and it is raising concerns about how well equipped they are to handle the Financial Advisers Act review.
Tell MBIE what you think of regulation
13 March 2015 - Advisers are being asked to fill out a survey for the Ministry of Business, Innovation and Employment on what they think about regulation of the sector, as part of the review of the Financial Advisers Act.
FAA survey circulated
20 February 2015 - A draft of the survey of financial advisers, to be used in the FAA review this year, has been circulated among professional associations for feedback. MBIE...
