Articles tagged with 'regulation'
FMA sheds further light on end results focus
25 March 2025 - Those subject to FMA regulation will need to look to the regulator’s annual Financial Conduct Report for clues to its shifting priorities as it focuses its efforts on end results.
Open finance momentum expected to gather pace in 2025
20 January 2025 - New regulations dictating how open finance works for the banking sector could be in place by the end of the year with advisers encouraged to start thinking about how developments could change the way they do business.
Regulations on family violence and assaults at tenancies explained
3 December 2022 - Clarity and guidance on regulations allowing tenancy terminations for family violence or physical assault during a tenancy have been provided by Tenancy Services.
Australian advisers told clawbacks are “unnecessary”
30 May 2022 - Australian mortgage advisers have been told there is no need for financial clawbacks to be imposed on them any more.
Financial Advice veteran retires with warning note on new regulations
16 March 2022 - Jack Singh retires this month after 45 years as a financial adviser in Fiji, Australia and New Zealand. He talks to Dale Owens about his career and how he believes the toughest times in the industry are right now.
Cigna helps advisers meet regulation requirements
8 December 2021 - Cigna New Zealand has released the first of a series of improvements to help independent financial advisers stay on top of their regulatory obligations.
Climate change disclosures - the FMA's regulatory response
17 November 2021 - The Financial Markets Authority (FMA) has published its implementation approach for the Financial Sector (Climate-related Disclosures and Other Matters) Amendment Bill (CRD Bill).
Regulation will restore confidence in financial advice
17 November 2021 - The Government is not looking to ruin the financial advice sector by over-regulation but make it more accessible and trustworthy for consumers in the long run.
Regulation roadblock for retail investment
15 November 2021 - Most investors want basic, pragmatic support when it comes to their investments but regulation can be a roadblock, says Smartshares' Hugh Stevens.
REINZ want healthy homes deadline extended
18 October 2021 - A 90-day extension on the timeframe for Healthy Homes compliance has been called for by REINZ.
FMA keeps watch on advertising rulebreakers
14 October 2021 - If it looks too good to be true, it probably is and the FMA wants to make sure you do the right thing by your customers and clients releasing a new guide for the advertising of financial products.
Bankers Association agrees rules can be difficult
6 October 2021 - The Bankers Association agrees complying with state regulations can be difficult for staff working in the industry.
FMA steps up enforcement of AML breaches
30 September 2021 - Warnings delivered by the FMA for non-compliance with New Zealand’s anti-money laundering and countering the financing of terrorism rules have almost doubled in the three years to June 30.
FMA extends regulatory relief - focus on good conduct
29 September 2021 - While the covid crisis and regulatory change have hit many financial service providers hard it's also impacting the country's regulators - none more so than the Financial Markets Authority.
CCCFA an opportunity for advisers
21 September 2021 - Mortgage advisers will benefit from CCCFA lending changes as borrowers seek help with complex home loan applications, according to Squirrel's John Bolton.
CCCFA changes: What advisers need to know
27 August 2021 - Changes to the Credit Contracts and Consumer Finance Act are set to impact borrowers from October 1. Here's what the amended lending rules will mean for clients.
Beating up investors with yet more regulations
10 August 2021 - Investors had best hope come the middle of 2022 that house prices have not gone up by another 10%, writes Sally Lindsay.
CoFI debate back on agenda
27 July 2021 - After numerous delays and extended rounds of consultation, the Financial Markets (Conduct of Institutions) Amendment Bill (CoFI) is heading back to Parliament.
FMA passes 10-year milestone
9 July 2021 - When investors in New Zealand and around the world were left reeling from the effects of the global financial crisis in 2008 urgent calls were made to protect people from future financial fallout.
Half of advisers face de-registration; Geoff Allen joins FMT
31 May 2021 - The situation is urgent for the 50% of financial advisers who have not yet been linked to a FAP, and they only have 15 days to make it right: [READ ON] Former...
How CoFi bill will affect commission
25 May 2021 - The Financial Markets (Conduct of Financial Institutions Bill) is set to reform the way banks pay commission to mortgage advisers, with sales and volume...
CoFI Bill: How will it affect commission?
25 May 2021 - The Financial Markets (Conduct of Institutions) Amendment Bill is set to reform the way banks pay commission to mortgage advisers, with sales and volume based incentives set to be outlawed. Here's what advisers need to know.
What the CoFI review means for advisers
3 May 2021 - MBIE is currently undergoing an industry consultation on whether the CoFI bill should apply to financial advisers, Good Returns digs into the details.
CoFI under consultation
27 April 2021 - MBIE has opened up a second industry consultation on the CoFI bill, which would see financial advisers have two sets of conduct principles to adhere to.
If in doubt - disclose
19 April 2021 - How's that strange new world looking, different or much the same?
[The Wrap] FSLAA isn't the only big change advisers need to be aware of
2 April 2021 - The world of financial advice changed significantly last month, and maybe more than many people realised.
New adviser laws create opportunities
17 March 2021 - Managing director of partnerships at Tower Insurance Jonathan Beale says the new regulations provide opportunities for collaboration while the new regime beds in over the next 12 to 18 months.
Advisers welcome new regime
15 March 2021 - The new licensing regime for financial advisers has arrived, with hopes the changes will drive a new era of professionalism in the sector.
Regulation change to broaden and strengthen industry: Dale-Jones
15 March 2021 - The chair of the code working group spoke to Good Returns about expectations for the regulation improvements.
‘Spring cleaning on steroids’ for March 15
11 March 2021 - Compliance professionals are reporting “a frenzy of activity” as advisers get organised for the regulation change on Monday.
Unlicensed advisers need a contingency plan: FMA
9 March 2021 - One week out from regulation change the FMA is asking for unlicensed advisers to have a contingency plan, especially with the FSPR not operating at full capacity.
FMA warns adviser for KiwiSaver advice
5 March 2021 - The FMA has issued a warning to a financial adviser over KiwiSaver advice he gave a client during Covid market volatility.
Strategi offers ‘Covid assistance pack’ to advisers
2 March 2021 - A support package has been made available – by industry compliance centre Strategi Group – to advisers whose preparation for regulation change has been impacted by Covid.
Many advisers not ready for D-Day
24 February 2021 - Good Returns speaks to adviser consultancy groups who say that many advisers are still dragging their heels coming up to March 15.
FSPR updates: What advisers need to know
18 February 2021 - Among the many upcoming regulation changes for advisers on March 15 are updates to the FSPR.
Smug or juggling?
8 February 2021 - As March 15 approaches you could be in either camp. Russell Hutchinson with five tips to help get you over the line.
Rob Everett: The year ahead
4 February 2021 - FMA chief executive Rob Everett highlighted market volatility, regulation perimeters and legislative reform as key issues to take forward into 2021.
FMA seeks consultation on investor exclusion exemption notice
20 January 2021 - The FMA are seeking industry feedback on the Financial Markets Conduct (Wholesale Investor Exclusion) Exemption Notice 2017, which will expire on February 4, 2022.
Fine details of FSLAA revealed
21 December 2020 - Advisers have been given the fine details of the new financial adviser laws less than three months before they come into force.
NZX launch new regulatory agency: NZ RegCo
10 December 2020 - NZX have today gone live with their new regulatory agency, signalling the formal separation of the exchange’s commercial and regulatory wings.
The two code standards that advisers need to know
1 December 2020 - Good Returns sat down with Angus Dale-Jones to discuss the impacts of the new code of conduct on financial advisers, including the two code standards that are most vital to advisers.
FMA seeks consultation on proposed guidance for advertising
19 November 2020 - The FMA have opened consultation to the industry on its proposed guidance regarding advertisements for financial products.
Financial Advice NZ and FMA partner to launch full licensing application guide
12 November 2020 - The free event, happening November 17 both online and in-person, will be a chance for advisers to see the FMA’s full licence application guide.
What lies ahead for investors
21 October 2020 - Election 2020 is done and dusted – and a red landslide has left the Labour Party firmly in charge of the next government. But what could that mean for property investors?
No sign of investor exodus
8 October 2020 - It looks as though residential landlords are not exiting the market in droves as a result of the Government’s tenancy law reforms and other investor-focused policy changes.
FMA Supervision Insight Report: The good, the bad and the ugly
29 September 2020 - Industry reactions to the FMA’s recent report in light of incoming regulation changes.
FMA details Covid-19 response
17 September 2020 - A formal warning given to a financial adviser in May who recommended all clients urgently move their investments to low-risk funds was intended to send a message to the industry about the Financial Markets Authority’s expectations.
Real estate price-fixing saga ends with big penalty
10 September 2020 - Price-fixing is in the spotlight, once again, after the Auckland High Court ordered two Hamilton real estate agencies to pay $4 million for engaging in it.
Financial services sector questioned regulation draft
28 August 2020 - New Zealand’s financial services sector raised concerns about disclosure regulations resulting in a larger volume of repetitive disclosure that could be difficult for clients to digest, submissions show.
Investors' market share on the rise
20 August 2020 - Concerns about the rising costs of being a landlord aren’t deterring investors with new data showing that mortgaged investors’ share of purchases surged to a four year high in July.
Death of small advice firms exaggerated: FMA
7 August 2020 - Advisers who have registered for a financial advice provider service on the Financial Services Provider Register but who have not yet finished their application for a transitional licence are being reminded to keep moving.
Industry participants pick up more of FMA's tab
4 August 2020 - Industry participants will pay 83% of the cost of funding the Financial Markets Authority by 2022, documents released by the Ministry of Business, Innovation and Employment show.
FMA restarts regulatory activities
2 August 2020 - The Financial Markets Authority says regulatory activities will restart in a “phased approach” as New Zealand continues to respond to the disruption caused by Covid-19.
Some sense with regulation
27 July 2020 - Recent discussion papers show "sense is prevailing" says Jon-Paul Hale.
COMMENT: Disappointment with the RTA Bill
13 July 2020 - The NZ Property Investors’ Federation is disappointed only minimal changes made to the Residential Tenancies Amendment Bill.
FMA statement of intent: Keep watch on incentives
30 June 2020 - New Zealand’s financial service providers can expect more scrutiny of their incentive structures over coming years, the Financial Markets Authority’s latest Statement of Intent shows.
Final disclosure regulations welcomed
25 June 2020 - Tweaks to the disclosure regulations for financial advisers will make the rules more workable, industry participants say.
Date set for new regime
25 June 2020 - The Government has set new disclosure requirements to ensure that consumers seeking financial advice can make more informed decisions, and said the new financial advice regime will begin on March 15.
No annual returns this year
22 June 2020 - Advisers are getting a few years off submitting their annual returns – but that doesn’t mean all their regulatory obligations are on hold.
Financial advice commissions not under threat: Faafoi
20 May 2020 - Commerce Minister Kris Faafoi has acknowledged concern at how the Conduct of Financial Institutions Bill (CoFI) will interact with the new financial advice regime – but says he thinks the advice regime is the most appropriate way to regulate financial advice and advisers.
Code will hold: Dale-Jones
19 April 2020 - Financial advisers’ code of conduct is designed to be effective at any stage – so it will not be a problem for its implementation to be pushed back further, the chairman of the Code Working Group says.
Life at level three for residential landlords
17 April 2020 - It won’t be a full release from lockdown but moving to alert level three will mean businesses that can operate safely will be able to reopen. So what does that mean when it comes to residential property?
FSLAA overachievers 'could be collateral damage'
2 April 2020 - A delayed start for the Financial Services Legislation Amendment Act regime is the right thing to do – but it could be a problem for proactive advice providers who had already started to move their businesses towards licensing, one financial services law expert says.
Freeze on rent rises introduced - temporarily
23 March 2020 - The Government has introduced a freeze on rent increases on residential rental properties as part of the economic measures announced in the fight against Covid-19 and its impacts.
Put RTA reform proposals on ice
23 March 2020 - Now is not the time for the Government to push through its proposed tenancy law reforms, property market players say.
Regulation slowing: Is FSLAA next?
22 March 2020 - The Government and regulators have dialled back much of their regulatory work at the moment and are now facing pressure to extend the deadline for transitional licensing.
National would ditch proposed rental regulations
9 March 2020 - The Government’s controversial tenancy law reforms would be among the first regulations National would throw on to the regulations “bonfire” it is planning if elected.
Failure to lodge bonds earns major penalty
6 March 2020 - A Tauranga property management company has been ordered to pay $16,417 for failing to lodge bonds within the required timeframe on multiple occasions.
Removal of no-cause notice opposed by 45% of tenants
2 March 2020 - It’s not just landlords who are opposed to the removal of the no-cause 90-day notice: a new REINZ survey reveals that close to half of tenants are too.
REINZ & NZPIF join up to battle RTA changes
16 February 2020 - Concerns about the government’s proposed tenancy law changes are running high and this has prompted REINZ and the NZPIF to join forces to fight them.
[The Wrap] Conduct wheels spinning
15 February 2020 - Commerce Minister Kris Faafoi promised no more big announcements this year, but there are still plenty of issues for financial advisers and the broader industry to tackle.
National questions limits on adviser incentives
14 February 2020 - National MPs have questioned the need for a bill that brings in new conduct requirements for insurers, banks and non-bank deposit takers.
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.
ANZ gets tough on data security
5 February 2020 - ANZ is set to introduce stringent new security standards for adviser customer relationship management systems, as it looks to safeguard customer data.
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.
Bachcare convicted of misleading consumers
20 December 2019 - Misleading consumers – via the editing and withholding of online reviews - has earned holiday rental accommodation company Bachcare a conviction and a hefty fine.
As confusion reigns and opinions are strong, is it all a bit much?
31 October 2019 - There are so many options for advisers under the new regime; licensing, coming under a licence, packing it in, or working for a bank or insurer. Jon-Paul Hale says the answer is quite simple.
Group FAPs could limit choice of suppliers: Newpark
30 October 2019 - Mortgage advisers could find their selection of available lenders limited by their financial advice provider under the new regulatory regime, Newpark’s Andrew Scott has warned.
FMA reports on 'watershed' year
30 October 2019 - The Financial Markets Authority says it's had a significant year as the financial services sector moves to a new regulatory environment.
Licensing fee increase
25 October 2019 - Financial advisers will have to pay more than originally suggested to be licensed under the new regime, it has been revealed.
Transitional licensing delayed
24 October 2019 - There's a few more weeks to wait before you can apply for a transitional FAP licence.
ANZ reveals stance on FAPs
21 October 2019 - ANZ has laid out its position on the new regulatory regime, stating it will work with adviser businesses and groups that hold a financial advice provider licence.
Advisers not dropping out, Financial Advice NZ says
17 October 2019 - Financial Advice NZ says most advisers plan to remain in the sector under the new licensing regime – and most will take their own licence.
Mortgage Lab and Kepa plan for new regime
16 October 2019 - The Mortgage Lab will be an authorised body underneath Kepa's financial advice provider licence under the new regulatory regime.
New ring-fencing rules in play
11 October 2019 - Landlords - don’t forget about the Government’s changes to the rules around the ring-fencing of rental losses as they are now in force, Inland Revenue is warning.
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.
Code Committee: We've thought about what could have been better
9 October 2019 - Advisers in the new financial advice regime will work under a much narrower “client-first” obligation than AFAs operating in the market at present, says the chairman of the committee that drafted the previous version.
What to do, what to do …
8 October 2019 - Although compliance with the Financial Advice Code should be a given there are some missing pieces from the puzzle of compliance under the new regime.
Asteron offers to guide advisers through change
3 October 2019 - Asteron Life says it wants to help advisers take advantage of changes happening in the insurance industry.
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.
Newpark hits out at regulatory confusion
27 September 2019 - Newpark Financial Services has hit out at the ongoing confusion around the new regulatory regime, and has warned the new environment could heap too much liability onto adviser groups.
Govt must regulate property managers - REINZ
25 September 2019 - REINZ has stepped up its campaign to introduce national regulation for property managers with the launch today of a new website devoted to the cause.
BNZ outlines stance on new regulatory regime
19 September 2019 - BNZ will only deal with groups who hold a FAP licence under the new regulatory regime, becoming the first bank to formally outline its stance on the subject.
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.
[The Wrap] Let's not follow what's happening in Australia
6 September 2019 - This week’s Wrap is a sobering one and one with some lessons from Australia we don’t want to repeat.
Regulators' group announces new vision
15 August 2019 - The Council of Financial Regulators (CoFR), which includes the Financial Markets Authority and Reserve Bank, has announced a new vision for New Zealand’s economic wellbeing and has added the Commerce Commission to the forum.
Q Advisor Group sets out licensing stance
13 August 2019 - Q Advisor Group will give advisers the choice of becoming a FAP in their own right or operating under its FAP licence under the new regulatory regime.
Chicken Little and the falling sky
12 August 2019 - It’s been said to me before, J-P how about looking at the glass being half full? Funny thing is the human brain is naturally a bit pessimistic, 60/40% if the studies I’ve read on the subject are right.
Pace of rent growth slows in Super City
31 July 2019 - Auckland rents might be steep but new data from Barfoot & Thompson reveals the rate they are increasing at has been slowing for the last three years.
Australian election a win for advisers
20 May 2019 - Scott Morrison's Liberal Coalition has won the Australian Federal Election, a result which means potential bans on upfront and trail commission will be put on the back burner.
Advisers braced for government's financial safeguards
29 April 2019 - Mortgage advisers expect an additional regulatory burden from the government’s new financial safeguarding proposals, and have warned against the “unintended consequences” of changing remuneration structures.
Industry shakeout good for advisers
16 April 2019 - Regulation will lead to a reduction in adviser numbers in the coming years, a positive for those remaining in the industry, according to leading industry figures.
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.
Commissions, scope of advice, convictions among disclosure requirements
12 March 2019 - A cabinet paper released today outlines what the Government wants included in disclosure requirements for financial advisers.
Is FSC taking adviser mantle?
14 February 2019 - Is the Financial Services Council dabbling in a space that should be left to financial adviser associations?
Advisers welcome interest-only boost
10 January 2019 - The Australian Prudential Regulation Authority has relaxed restrictions on interest-only lending, and mortgage advisers hope the decision will have a positive impact on New Zealand's lending market.
Australian Royal Commission will impact NZ
7 January 2019 - Dr Deen Sanders, the ex-CEO of Australia's Financial Adviser Standards and Ethics Authority, predicts pressure on Australian mortgage adviser fees will have a "flow-on" effect to New Zealand.
Law doesn't have to be broken for FMA to take action
10 December 2018 - What impact a public warning would have on an adviser’s career is one of the considerations the Financial Markets Authority takes into account when determining the sanctions to hand out, its director of regulation says.
Regulatory role not on the cards for Financial Advice New Zealand
20 November 2018 - Financial Advice New Zealand does not need to have an official regulatory role under the new financial advice regime, its chief executive says.
Can you comply with the new Code?
12 November 2018 - Do you have anything to fear from the new draft Financial Advice Code? Can good insurance advice be given under the Code? Will you make it as a financial adviser under the new regime? Different questions with a common thread.
Banking review finds weaknesses on conduct
5 November 2018 - New Zealand’s banks are not guilty of widespread misconduct or poor culture issues, an FMA and Reserve Bank review has found, but lenders have been criticised for “significant weaknesses” in the way they handle staff conduct risks.
Mortgage Express confirms Aussie joint venture
29 October 2018 - Mortgage Express New Zealand has confirmed a joint partnership agreement with Australian adviser group Astute Financial Management. The deal will see see Sarah Johnston become CEO of the Aussie group and David Gopperth become MX's General Manager.
FMA referred fraudster “broker” to IRD
24 August 2018 - Complaints about the conduct of “mortgage broker” David Simon Barton to the Financial Markets Authority led to his referral to the IRD and conviction for tax fraud, it has emerged.
Aussie report calls for end of trail commission
7 August 2018 - Australia’s Productivity Commission has recommended the country's banks put a stop to mortgage adviser trail commission.
Mike Pero Mortgages boss warns of “forensic underwriting”
1 August 2018 - Mike Pero Mortgages boss Mark Collins has warned lenders are conducting “forensic underwriting” on expenses when assessing loans, amid tightening credit conditions.
Advisers 'struggle to balance regulator and client'
31 July 2018 - New Zealand is getting up to speed with international financial advice regulation requirements, but non-AFA advisers may struggle to meet their new requirements when the Financial Services Legislation Amendment Bill takes effect, says the owner of a new compliance business.
Ombudsman sees drop in mortgage cases
26 July 2018 - A new report from the Banking Ombudsman suggests New Zealand's lenders are doing a better job selling mortgages to customers.
Dealer groups divided on Code
23 July 2018 - The three mortgage groups that made submissions on the Code Working Group's proposals offered opposing views on ethics and who should take responsibility for advice given.
How automated is your business?
16 July 2018 - With the onset of regulation and the discussion around disclosure, where MBIE is looking to not have a full disclosure document.
Regulation 'should not drive business structure'
16 July 2018 - In an ideal world, regulation would be of no consequence to financial advisers because they would already be operating at a level well beyond what it required, the chief executive of Financial Advice NZ says.
It's time for RFAs to make some noise
18 June 2018 - If you are an RFA and you intend to be a business owner that's more than just a salesperson into the future, you need to make your voice heard, Jon-Paul Hale says.
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.
Changes for RFAs nothing to worry about
6 June 2018 - Regulation and compliance. It is the talk of the town at the moment. However, adviser Jon-Paul Hale explains why he is deeply concerned with the continued attitudes between advisers within the financial services industry,
Spotlight on non-bank fees
1 June 2018 - A new transparency report from the Commerce Commission has highlighted some of the excessive “establishment fees” charged by New Zealand’s non-bank mortgage lenders.
Dodds: Regulators 'attack on integrity'
24 May 2018 - Recent reports questioning financial adviser behaviour are an attack on the reputation and integrity of the industry, the head of the Institute of Financial Advisers says.
NZBA rejects Australia comparisons and pledges reforms
2 May 2018 - The New Zealand Bankers' Association has rejected comparisons between the New Zealand and Australian banking sectors in the wake of the Royal Commission into Australian financial services, outlining reforms to “maintain public trust”.
Make commission details publicly available: MBIE
10 April 2018 - Government officials have proposed advisers make information about the fees they charge and the commissions they receive publicly available.
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.
Get ready for downturn - Bagrie
16 February 2018 - The world is due for another bad economic downturn so people need to be aware of the signals, warns ANZ’s former chief economist Cameron Bagrie.
Exemption grows under FSLAB
23 January 2018 - An exclusion that allowed lawyers and accountants to give financial advice without being caught by the same regulations as financial advisers looks to have been extended under the new rules.
Getting to Know: Mary Potter
19 January 2018 - ANZ Investments northern business development manager Mary Potter says the people she has worked with have been one of the highlights of her career.
Committee members to lobby for advice strands
9 January 2018 - Members of Financial Advice New Zealand sub-committees say they plan to advocate for their advice strands as the new association is formed, and regulation overhauled.
Savers may be better off with govt fund: Treasury
21 December 2017 - Savers would be better off in a government-run KiwiSaver scheme, new data suggests.
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.
Getting to Know: Paul Sewell
15 December 2017 - After a stint in banking, it was a newspaper article that prompted Paul Sewell into financial advice.
Law changes look like Aussie model: Stewart
14 December 2017 - Smaller advice firms could find the new legislative regime is harder to deal with than they expect, if the Australian experience is anything to go by.
Dealer groups prepare for legislation change
13 December 2017 - Dealer groups may have to reconsider their value proposition under the new licensing regime.
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.
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.
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.
DIMS advisers face uncertainty... again
29 November 2017 - He's only been approved to offer personalised DIMS for just over two years, now adviser Alistair Bean faces more uncertainty.
Digital threat to mortgage advisers
27 November 2017 - All three banks who have reported results recently have highlighted their push into digital tools to grow their businesses. This provides a threat and an opportunity to mortgage advisers. Philip Macalister explains.
AML warning for broker firm
24 November 2017 - The FMA has issued a formal AML/CFT warning to brokerage firm Fullerton Markets. An inspection showed the firm did not have adequate risk assessment and...
Ethics matter in fintech era: CFA
23 November 2017 - Ethical considerations are becoming an increasingly important requirements of those involved in investment management and advice, the head of the CFA Institute in this part of the world says.
FMA pushes net returns over fees debate
21 November 2017 - The FMA has made it clear that promoting KiwiSaver funds on low fees only is wrong.
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.
New board at FSC
17 November 2017 - The Financial Services Council has elected a new board at its recent annual meeting. Chief executive Richard Klipin said the FSC is in good shape financially...
Next stop: Innovation
16 November 2017 - Fidelity Life chief executive Nadine Tereora says a $100 million investment from the NZ Super Fund has arrived at the perfect time.
What to do with $100 million
16 November 2017 - [GOOD RETURNS TV] The NZ Superannuation Fund is looking to spend $100 million taking a 41% stake in Fidelity Life. The insurer's chief executive Nadine Tereora explains what this means for advisers.
FMA focus on financial advice
16 November 2017 - Financial advice is a key area of focus for the Financial Markets Authority, its chief executive Rob Everett told the Infinz conference.
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.
BNZ first bank to market with online lodgement tool
13 November 2017 - BNZ is set to launch an electronic lodgement process to help advisers and improve turnaround times on loan applications.
FMA: Financial services changing fast
10 November 2017 - Financial Markets Authority chief executive Rob Everett says it might seem to observers that the financial services sector does not listen to its customers.
Quality mark questions
9 November 2017 - A quality mark system is coming - but what will it mean, and how will it fit with the CFP designation?
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.
Getting to Know: Janet Natta
3 November 2017 - Janet Natta wants more people to know that financial advisers are awesome.
Faafoi: I'll listen to concerns
31 October 2017 - New Commerce and Consumer Affairs Minister Kris Faafoi says he's aware that small advice firms are worried they will lose out under the Financial Services Legislation Amendment Bill.
Kepa, The Advisers Institute, reveals new partner
26 October 2017 - [Advertorial] Leading New Zealand adviser group Kepa has announced a partnership with up-and-coming mortgage advice company Mortgage Lab.
Getting to Know: Jon-Paul Hale
20 October 2017 - Insurance adviser Jon-Paul Hale wants to see the industry working together much better.
Regulators collaborate on fintech
20 October 2017 - Confirmation of a “collaborative approach” to fintech between the Financial Markets Authority and its Australian counterpart, ASIC, is being described as good news for New Zealand financial service providers.
New code's wider scope helps advisers: Chairman
19 October 2017 - Authorised financial advisers will benefit from being part of an industry fully bound by a code of conduct, the chairman of the working group developing the new code says.
FMA fast-tracks roboadvice
18 October 2017 - Advisers can expect to see roboadvice in the New Zealand market next year, and the country’s banks and product providers are already developing their platforms.
Getting to Know: Anand Srinivasan
6 October 2017 - Anand Srinivasan has been making waves since he gave up working for a provider to work for himself.
Ralph Stewart's Lifetime picks up former Tower business
6 October 2017 - Ralph Stewart's variable annuities business, Lifetime Income, has acquired a book of policies from the old TOWER Insurance business.
FMA to KiwiSaver providers: We are getting impatient
5 October 2017 - KiwiSaver providers have been told they must do better, as the amount they earn in fees soars.
Getting to Know: Murray Harris
29 September 2017 - Murray Harris says financial advice is about much more than money and investments. But his time with the world's super-wealthy has given him added appreciation of both.
Deadline looms for information returns
28 September 2017 - Authorised financial advisers have until the end of this week to file their annual information returns – but there’s scepticism about what the exercise provides.
14pc of inquiries about advisers, FMA says
28 September 2017 - The number of financial adviser inquiries made to the Financial Markets Authority is steady year-on-year, the regulator's latest annual report shows.
Whistle-blowers more exposed under new rules
26 September 2017 - Whistle-blowers are set to lose some of their identity protection when the new financial adviser legislation comes into force.
Getting to Know: Andrew Kelleher
22 September 2017 - Andrew Kelleher - financial adviser, wealth manager... hole-digger?
Getting to Know: Toni Dodds
15 September 2017 - She's Fred's daughter, but don't hold that against Toni Dodds.
Getting to Know: Liz Koh
8 September 2017 - Adviser Liz Koh says she deliberately set out to build a public profile.
Warning for would-be providers
6 September 2017 - Advice firms planning to apply for a license as a financial advice provider may need to think twice before they adopt a model that relies on nominated representatives.
Getting to Know: Dean Anderson
1 September 2017 - Dean Anderson is the face of Smartshares for many advisers - but do you know where he spent 2006?
FMA: No regrets about $1.7m bill
1 September 2017 - Financial Markets Authority chief executive Rob Everett says $1.7 million for its case against fund manager Mark Warminger was money well spent.
FMA outlines plans - has eyes on advisers
30 August 2017 - The Financial Markets Authority is laying out how it plans to use its new, increase level of funding – and advisers can expect to receive its attention.
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.
Getting to Know: Reagan Bax
25 August 2017 - Is Reagan Bax, brother of model Kylie Bax, the only member of the NZ financial advice sector to have played golf with Donald Trump?
Adviser wants 'gold standard' for industry
25 August 2017 - A financial adviser with trans-Tasman experience says New Zealand advisers are subject to insufficient regulation, compared to their Australian counterparts.
No fine for QROPS adviser who breached code
23 August 2017 - A financial adviser has been censured and ordered to operate under supervision for at least six months after being found to have breached the code of conduct.
Documents shorter but still dense
22 August 2017 - New product disclosure statements that were meant to be easier to understand still contain a large number of specialist financial terms, researchers say.
PM rules out DTI ratio idea
16 August 2017 - Prime Minister Bill English has ruled out allowing the Reserve Bank to bring in debt-to-income ratios. It had suggested limiting loans to no more than five times borrowers’ incomes.
GRTV Ep3: Code working group; the value of opening up to your clients; and risk advice upheaval
12 August 2017 - In this latest episode of GRTV, Good Returns publisher Philip Macalister sat down with the chairman of the Code Working Group, Angus Dale-Jones, Dr. Philip M. Randall, managing partner of The Thorndyke Group and Partners Life chief executive Naomi Ballantyne.
Get basics right: Ballantyne
9 August 2017 - Naomi Ballantyne, Managing Director of Partners Life, talks about adviser businesses and getting them ready for the future, plus an update on their upcoming roadshow.
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.
Get basics right: Ballantyne (+ VIDEO)
9 August 2017 - Something as simple as producing a set of accounts to prove they have a financially viable business could be a significant challenge for some risk advisers, Partners Life chief executive Naomi Ballantyne says.
Getting to Know: Sue Brown
4 August 2017 - Sue Brown was known to many advisers as the face of regulation at the FMA. She's now off on her own, operating Sue Brown Solutions.
Insurers worry about change: Report
4 August 2017 - New Zealand insurers rank around the bottom quartile of the world when it comes to preparedness for the changes transforming the industry, PwC’s latest report shows.
Milestone day for financial advice in New Zealand
3 August 2017 - A new bill to replace the Financial Advisers Act was to be introduced on Thursday, Commerce Minister Jacqui Dean announced at the National Advisers Conference.
Milestone day for financial advice in New Zealand
3 August 2017 - A new bill to replace the Financial Advisers Act was to be introduced on Thursday, Commerce Minister Jacqui Dean announced at the National Advisers Conference.
The start of a new era in financial planning
3 August 2017 - The creation of Financial Advice New Zealand today is being hailed as the start of a new era in financial planning.
Warminger, FMA withdraw appeals
31 July 2017 - Mark Warminger has withdrawn his appeal against the High Court judgment that found him guilty of market manipulation, citing health issues and the impact on his career.
International equities: Approach with caution
31 July 2017 - Managers are taking a more cautious approach to global equities as valuations remain stubbornly high.
Robo exemption a win for big providers
31 July 2017 - Former FMA senior solicitor Simon Papa considers plans to allow roboadvice ahead of the law changes.
Advisers should be whistle-blowers
27 July 2017 - Advisers are blowing the whistle on each other – and industry commentators say that’s to be encouraged.
Bigger questions to ask of retirement policy: Report
25 July 2017 - Analysts says the 'jokey' 2016 review from the Retirement Commissioner missed some of the big questions.
The rising cost of financial advice
19 July 2017 - Hobson Wealth Partners' Warren Couillault talks about the cost of providing financial advice and why he believes it is now 50% to 100% more than it was five years ago.
Lack of adviser voice 'scary'
19 July 2017 - Mike Newton, of advice firm Newton Ross, told Good Returns it was scary that none of the nine people chosen to develop the new code were financial advisers.
Review a resounding win for the 'big end of town'
19 July 2017 - Murray Weatherston, a founding member of SIFA, talks to us about the Financial Adviser Review Act, where it’s going and some of his thoughts on it.
GRTV: Code working group, active v passive and the rising cost of financial advice
14 July 2017 - In this latest episode of GRTV, Mike Newton of advice firm Newton Ross discusses the "scary" make up of the new code working group, Hobson Wealth Partners' Warren Couillault talks about the rising cost of providing financial advice and finally Paul Moore of PM Capital explains why passive managers’ luck just might run out.
Decline in banking sector profits - KPMG
12 July 2017 - Bank profits dropped in the first part of this year – despite the housing loan driven growth of their loan books.
Harbour appoints new COO to replace Kaye
11 July 2017 - Harbour Asset Management has pointed Ruari McGregor as its new chief operating officer to replace Jody Kaye.
Concerns aired over Code Working Group
10 July 2017 - There is a risk that a lack of independent advisers on the working group developing their new code of conduct will cost New Zealand its opportunity to provide a sensible framework for advice, one adviser says.
Advice becoming more expensive
7 July 2017 - It now costs 50% to 100% more to provide financial advice than it did five years ago, says Warren Couillault, executive director of Hobson Wealth Partners.
New AML classification for financial advisers - what changes?
5 July 2017 - Advisers have had their AML risk assessment downgraded but don’t expect that to translate into any lesser regulatory requirements.
Call for more scrutiny of regulators
15 August 2016 - Financial services providers are becoming ever more familiar with the Financial Markets Authority in its industry oversight role – but who is keeping an eye on the regulators?
FMA: Changing regulatory landscape hard for some
26 May 2016 - New Zealand’s new world of financial regulation has come as a shock to many, but the Financial Markets Authority boss says it is building an improved investment environment.
Did issues paper miss opportunities?
29 May 2015 - This week’s Financial Advisers Act review issues paper raises a number of important points but misses some too, the PAA’s compliance expert says.
Qualification questions may cause concerns
28 May 2015 - A crackdown on adviser qualification requirements could prompt some to leave the industry, it has been claimed.
Risk adviser's guide to the FAA review
27 May 2015 - The Issues Paper for the Review of the Financial Advisers Act 2008 and the Financial Service Providers (Registration and Dispute Resolution) Act 2008 is now out.
NZX gets pass mark
26 May 2015 - The Financial Markets Authority has confirmed that NZX has complied with its statutory obligations to ensure that its markets are fair, orderly, and transparent...
Commission, designations, qualifications on review hitlist
26 May 2015 - Regulation of financial advisers in New Zealand should have three key goals, the Ministry of Business, Innovation and Employment says: To give consumers the information they need to find and choose a financial adviser, to make advice accessible and to give the public confidence in the professionalism of advisers.
Call for education to top FAA review checklist
26 May 2015 - Any moves to require a higher level of education for financial advisers in the review of the FAA are likely not to go far enough, says Massey University’s director of financial planning.
FAA steering group manned by officials
22 May 2015 - Financial advisers are not represented on the Financial Advisers Act review steering group.
FMA pursues non-filers
29 April 2015 - FMA is chasing up errant authorised financial advisers who have not filed their information returns.
FMA asks: What's your plan?
23 April 2015 - FMA is surveying advisers who are currently authorised to provide DIMS, to determine what action they plan to take after next month.
Level 5 course changes: Cost increases
23 March 2015 - The base training standard for financial advisers has had an update and also the cost of taking the course has risen by 36%.
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.
Spicers goes to court to get adviser client files
12 February 2015 - Spicers has won a battle to get client files from a former franchisee who had decided to relinquish its relationship with the AMP-owned firm.
Advisers at risk from tax avoidance trap
21 December 2011 - Financial advisers could face legal action from clients if they put them in products that are later targeted by Inland Revenue for tax avoidance, a tax expert has warned.
Cowboy ad leaves advisers' saddle sore
4 July 2011 - The Financial Markets Authority's (FMA) new advertising campaign, with the tag line 'cowboys belong in the movies, not the financial markets' has sparked anger among advisers and a formal complaint to the Advertising Standards Authority.
First dispute resolution scheme approved
3 May 2010 - Financial Services Complaints Limited (FSCL) is the first dispute resolution scheme to be approved under the Financial Service Providers (Registration and Dispute Resolution) Act 2008.
ETITO registration and booking system launched
20 April 2010 - Financial advisory training body ETITO has launched its registration and booking system which means financial advisers can start booking competence assessments for the National Certificate in Financial Services.
Advisers need to put aside a day a week NOW
16 April 2010 - Experienced financial advisers need to be doing around eight hours study a week from now to pass education assessments and get authorised by December.
Confidence in regulation helping businesses to grow
15 April 2010 - Two-thirds of financial advisers believe that regulation provides an opportunity to grow their businesses according to a survey of the Professional Advisers Association (PAA).
Draft Code consultation meetings in full swing
14 April 2010 - Meetings to follow up the release of the Draft Code of Professional Conduct are happening around the country. Good Returns attended the meeting in Tauranga.
ETITO releases assessment pricing for advisers
8 April 2010 - ETITO has released its pricing of assessments against the National Certificate in Financial Services (Financial Advice) (Level 5).
Financial adviser legislation threatens NZ’s reputation: Chapman Tripp
8 April 2010 - Law firm Chapman Tripp is warning that legislation to regulate the financial services industry may inadvertently damage the country's international reputation by preventing corporate entities from providing financial advice here.
Regulation of advisers already increasing confidence
8 April 2010 - Trust and confidence in financial advisers, investment managers and deposit taking institutions has increased in the last six months, however confidence in insurers has declined according to a survey of current customers by RaboPlus.
[The Code] Draft Code adds momentum to financial adviser regulation
31 March 2010 - The release today for public consultation of the draft Code of Professional Conduct is a significant step towards having the financial adviser regime in...
Code changes rules around education
31 March 2010 - The Code Committee has released the draft Code of Professional Conduct for Authorised Financial Advisers which includes new concepts around recognised alternative qualifications or designations.
Draft code of conduct finally out
31 March 2010 - The long-awaited draft code of conduct of financial advisers has been released, and has offered some, though not complete, clarity on how insurance products will be classified under the new regime.
Clear as dishwater
30 March 2010 - Advisers say efforts by the Securities Commission to clear up confusion over the boundary between financial planning and advice have failed to hit the mark.
Securities Commission tries to clear up definition of advice
29 March 2010 - The Securities Commission has issued guidance on the boundaries between financial advice and provision of a financial planning service in an attempt to clear up industry confusion on the issue.
New guide to adviser education launched
22 March 2010 - This week the Professional Advisers Association (PAA) will launch a “comprehensive, user-friendly guide” detailing the best way for advisers to achieve the coming educational standards.
Code committee puts back release date
17 March 2010 - The Code Committee has postponed the release of its draft Code of Professional Conduct for Authorised Financial Advisers until the end of this month.
NZMBA first association to join up to disputes resolution scheme
3 March 2010 - The New Zealand Mortgage Brokers Association (NZMBA) is the first association to join up en masse to an external disputes resolution scheme.
SIFA considers its future in new environment
25 February 2010 - The Society of Independent Financial Advisers (SIFA) figures it will have to change its name soon and is pondering its place in the new, regulated world.
IFA seeks exemption from training requirements
18 February 2010 - Institute of Financial Advisers (IFA) is seeking an exemption for its members who already meet or exceed proposed regulations released by the Code Committee on advisers' ongoing professional training.
Pitch to tie advisers to QFEs inevitable say IFA, SIFA
16 February 2010 - Prospective qualifying financial entities (QFEs) are laying the groundwork to pitch themselves to advisers as the looming regulation deadlines draw nearer in what was always going to be an inevitable result of the legislation.
Industry engagement helping the regulatory process: Mayhew
11 February 2010 - The new Commissioner for Financial Advisers, David Mayhew, is pleased with the level of engagement by industry and he is confident the sector is embracing the move towards professionalising adviser roles.
Commission ban deferred but Ripoll effect to hit NZ
24 November 2009 - The much-anticipated Australian government report investigating financial advisers and products has just stopped short of recommending an outright ban on commissions.
Finance company enquiry not about redress: Dalziel
8 September 2009 - The Parliamentary inquiry into finance company collapses will not be an avenue of redress for investors in failed ventures, rather it will focus on the issues facing investors to ensure they are well-informed.
Surrenders hit AMP's life book
20 August 2009 - AMP New Zealand’s operating earnings for the six months to June 30, fell 15% to A$23 million (or 9% in New Zealand dollar terms), largely due to higher surrenders resulting from the re-pricing of the term risk book in 2008, aggressive competition, and the weak New Zealand economy.
Officials still deciding whether insurance products Category 1or 2
4 August 2009 - The Ministry of Economic Development (MED) is currently weighing up how a raft of financial products, including life insurance contracts, will be categorised under the coming regime.
Advisers to become personally liable for advice
3 August 2009 - Financial advisers will be unable to operate through limited liability companies under the new regulatory regime and will become personally liable for any financial advice they give.
Glut of documents could hinder due diligence, IFA says
3 July 2009 - The glut of documents requiring submissions on the regulation of financial advisers could impact on the level of diligence, according to the Institute of Financial Advisers.
MED puts out paper on financial adviser disclosure
2 July 2009 - The Securities Commission has called for submissions on disclosure regulations for financial advisers in the latest round of papers on the legislation.
Providers need to win back public trust: English
30 June 2009 - UPDATED: Savings and investment product providers need to lift their game in helping the industry shed its image of distrust with the public and have been too keen to push their own agenda. Financial advisers need to lift their game in helping the industry shed its image of distrust with the public and have been too keen to push their own agenda, Finance Minister Bill English told a seminar in Wellington
Sue directors, not advisers: Lawyer
2 June 2009 - Investors in failed finance companies should look first to sue the directors of fraudulent finance companies when seeking damages, not the financial advisers who relied on supposedly credible prospectuses to base their recommendations, according lawyer Brian Henry.
Complaints rules edge closer
26 May 2009 - Draft rules defining the shape of New Zealand's financial disputes resolution system should be released by early June, three months later than originally scheduled.
Institute defends naming
19 May 2009 - Institute of Financial Advisers president Lyn McMorran has defended the group's decision to name and shame two South Island advisers who were found guilty of breaching the institute's code of ethics.
IFA welcomes Cotton appointment, deadline back on track
15 May 2009 - The Institute of Financial Advisers has welcomed the appointment of Annabel Cotton as commissioner for financial advisers, and is confident next year's regulation deadline can still be met.
Commission recommends compliance by the book
12 May 2009 - Financial advisers looking to beef up their compliance processes in preparation for regulation should check out the guidelines recently published by Standards New Zealand, the Securities Commission said in its latest bulletin.
