Select committee against bill to limit use of KiwiSaver as part of pay package

The majority of the Finance and Expenditure Committee doesn’t think a bill to make it harder for employers to include KiwiSaver contributions in employees' pay should be passed.

The Employment Relations (Protection of KiwiSaver Members) Amendment Bill introduced by Labour bank bencher Dr Tracey McLellan last year, aims to restore some financial protections originally given to KiwiSaver members by the Employment Relations Act 2000 and removed by the National government’s Employment Relations Amendment Act 2008.

Currently employers aren’t legally required to offer ...MORE»

5 questions for the new owners of Castle Point Monday, July 1st, 9:55AM Perpetual Guardian recently acquired boutique fund manager Castle Point. Good Returns catches up with Perpetual Guardian's chief investment officer, Tim Chesterfield, to find out what, if anything, will change. MORE»

FANZ: all life insurance contracts should be consumer contracts Thursday, June 27th, 8:16AM  1 comment Finance Advice New Zealand (FANZ) is asking the government to define all life, health and disability policies as consumer contracts. MORE»

Proposals on conduct reform could impact M&As, civil liberty

The government’s consultation on how to reform financial services conduct regulation, wasn’t advertised as impacting the whole market but has some big proposals flying under the radar, says Boutique Investment Group chair Simon Haines.

One of these is the proposal to introduce a requirement for the Financial Markets Authority (FMA) to approve changes in control of licensed firms.

Another is the proposal to introduce without-notice warrantless on-site inspection powers for the FMA.

“How many financial advisers are aware that this proposal would mean they would not be able sell their business without first getting FMA permission?

“How ...MORE»

Code Committee proposes changes Tuesday, June 25th, 9:31AM  4 comments The Financial Advice Code Committee is proposing changes to the standards of competence, knowledge, and skill in the Financial Advice Code. MORE»

KiwiSaver reform next steps - bail up a politician Friday, June 21st, 4:05PM The Retirement Commissioner has made her recommendations for improving KiwiSaver and wants help from members of the financial services industry to get politicians to actually read it. MORE»

News Bites

Pyramid scheme promoter ordered to pay fine totalling millions of dollars

A woman touting herself as “the biggest scammer out there” has been ordered to pay a $5.9 million fine – the biggest ever individual criminal fine under the Fair Trading Act. MORE»

GoodReturns TV

[GRTV] Public aware that ignoring climate change is ignoring investment risk

Just over five years ago Barry Coates was trying to find products for an ethical investment portfolio and gave up after a week. He says with a master’s degree in finance from Yale University, it should’ve been easy but the data wasn’t comparable and there were no objective measures. MORE»

US Equities – simply momentum or something more fundamental

The momentum run in the US market continues to be very strong. It resembles in many ways the peak rally in 1999 to early 2000, just before the “dot com” crash. MORE»

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FANZ: all life insurance contracts should be consumer contracts

Finance Advice New Zealand (FANZ) is asking the government to define all life, health and disability policies as consumer contracts. MORE»

TMM Online

Mortgages and cars – the two should not go together

Mortgage arrears were up slightly in May, with 22,000 home loans now past due - up 12% year-on-year and a return to 2019 pre-pandemic levels, the latest figures from credit bureau Centrix show. MORE»

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Strategi Group appoints head of AML/CFT

Derek Chen has joined Strategi Group full-time as the head of AML/CFT. MORE»

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Select committee against bill to limit use of KiwiSaver as part of pay package

The majority of the Finance and Expenditure Committee doesn’t think a bill to make it harder for employers to include KiwiSaver contributions in employees' pay should be passed. MORE»