David Chaplin

A wide range of entities could provide online advice under government proposals to rewire the Financial Advisers Act (FAA). In its FAA review ‘Options paper’ released last week, the Ministry of Business, Innovation and Employment (MOBIE) has given online advice – known colloquially as robo-advice – a ringing endorsement while proposing to extend the ambit… [Read More…]

The Financial Markets Conduct Act (FMC) has prompted another commercial transaction with Fidelity Life handing the keys of its last remaining superannuation scheme to Grosvenor. In a deal inked last week, Fidelity agreed to sell the management and issuer rights of its $440 million ‘Super-Super Plan 3’ to Grosvenor. It is understood the deal was… [Read More…]

The new discretionary investment service (DIMS) offered by SBS-owned wealth arm Funds Administration NZ (FANZ) has been doing brisk business since inception, according to executive director, Graham Duston. Duston said the Synergy Investment Programme, a DIMS joint venture operation with financial advisory services firm Consilium, has pulled in over $1 million each week following its… [Read More…]

First NZ Capital (FNZC) has squeaked into the discretionary investment management service (DIMS) regime just in time for the November 30 cut-off point. In a release, FNZC chief, Scott St John, said the group was granted its licence last week, joining other major stock-broking brands Forsyth Barr and Craigs Investment Partners in the DIMS club…. [Read More…]

The booming exchange-traded fund (ETF) market hasn’t crowded out old-school listed investment vehicles, according to Geoff Driver, Australian Foundation Investment Company (AFIC) head of business development. Driver said, in fact, the traditional listed investment company (LIC) sector has experienced spin-off benefits from the current spike in ETF traffic in Australasia. “Because people are looking for… [Read More…]

New Zealand corporates remain happy raising capital in their own backyard with Australia only in the frame as a distant prospect, according to a new survey by BNP Paribas and Moody Investor’s Service. The survey, which tapped into CFOs and treasury decision-makers in about 50 investment-grade Australasian corporations, found just 18 per cent of NZ… [Read More…]

The Financial Markets Authority (FMA) has just published two consultation papers proposing a range of new obligations for financial services licence-holders. Under one proposal, all Financial Markets Conduct Act (FMC) licensees would have to supply a written annual declaration to the regulator stating “they have complied with each condition of their licence”. “We believe this… [Read More…]

The US Federal Reserve will start tightening monetary conditions in December, ramping up rates by 2 per cent over the next two years, according a new analysis by global fixed income manager, PIMCO. The paper, authored by PIMCO global strategic adviser Richard Clarida, argues that – barring an international catastrophe – the Fed was locked… [Read More…]

Sovereign, chief executive officer, Symon Brewis-Weston, has resigned less than three years into his tenure. Formerly head of corporate financial services for Sovereign’s Australian parent, the Commonwealth Bank of Australia (CBA), Brewis-Weston joined NZ’s largest insurer in April 2013. He will head up FlexiGroup Limited in Australia, according to a Sovereign statement. “During his time… [Read More…]

The controversial Financial Services Council (FSC) review of New Zealand’s insurance advisory industry has recommended seven major industry reforms including a drastic scaling back of upfront commissions. While the reforms listed in the FSC-sponsored document largely follow its Australian exemplar – the 2014 ‘Trowbridge’ report – the New Zealand version calls for tougher policy renewal… [Read More…]