Weekly Wrap: How things are changing
The story of the week for me was the launch of Rabobank’s new retail offerings, namely an online call account and competitive term deposits.
Friday, February 17th 2006, 2:10PM
While the mainstream media did the bog standard stories about a big Dutch bank joining other banks in the online call account market the story is bigger than that – much bigger.
Good Returns looked into the launch in detail and has two stories on what Rabobank is doing, and why it is more than what others think. Also I have written a Blog which explains why I think it is more important than others make out.
Rabobank offers managed funds online
Three fund managers, AMP, Asteron and Tower, are hoping to sell more of their products direct to investors through Rabobank’s new online savings account launched today. [more]
Rabobank aims to shake market
Rabobank is determined to shake up the savings and investment market with the launch of a new product offering sharp rates, no fees, and flat interest rate structures. [more]
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Second generation online financial services |
The other big story Good Returns reported on Tuesday related to adviser regulation. A bill which imposes much stricter requirements on advisers is on the top of Parliament’s to-do list this year.
New adviser rules top of Parliament's to do list
Parliament resumes yesterday and at the top of the order paper is a bill which will impose large new disclosure burdens, and strict penalties for breaches of those burdens, onto financial advisers. [more]
Other news stories you may have missed include:
Industry experts question crack down
Industry and tax experts are raising eyebrows over the government’s crackdown on “salary sacrifice” packages. [more]
AMP turning back on managed funds
AMP says life business and workplace super booming and cull of managed funds coming.
News Round Up
St Laurence, Money Managers top adviser, stand in boss at Dorchester [more]
Earn CPD points with ASSET
As no doubt some of you will have heard the FPIA has developed a comprehensive communications strategy. Pity they have not worked out how to communicate it properly. The board has agreed with a recommendation to stop publishing Adviser magazine, and stick with irregular emails from the CEO. You will hear more about this soon.
But the Adviser decision plus comments made in the latest CEO missive about the importance of CPD points makes a perfect time for us to tell you about a new service.
FPIA members won’t get Adviser now so it is more imperative that you subscribe to ASSET Magazine to get your in-depth monthly fix of financial planning information.
ASSET is next week launching its Education Service where advisers can earn CPD points. All you have to do is subscribe to ASSET, read a number of articles, and then sit an online quiz.
Learn more here.
Insurance
It has also been a big week for insurance news, with Asteron and AA Life getting together to sell life insurance, AMP saying its risk business was booming and ING Life’s Naomi Ballantyne offering her views on disclosure of commissions on life assurance contracts.
AA to sell Asteron's life products
Promina, Australia's third-largest general insurer by premiums, has announced a joint venture with the Automobile Association (AA) to market life insurance in New Zealand.
Size doesn't matter – it's what you do with it that counts!
Much debate has raged recently regarding the disclosure of commissions on life assurance contracts [more]
AMP turning back on managed funds
AMP says life business and workplace super booming and cull of managed funds coming.
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Home Loans
It’s been a busy week here with more lenders dropping fixed rates. The new trend developing is that one-year rates are starting to fall.
Also banks are in reporting season. The two to come out this week, Kiwibank and ASB both have grown their books and market share.
Good Returns provides the most comprehensive set of mortgage news, information and data on the net. Check out the Mortgage Centre to keep up to date with events.
Kiwibank grows share of home loan pie
Kiwibank continues to growth its market share of the mortgage market at the same time as dramatically improving profitability. [more]
ASB pleased with growth of mortgage book
ASB Bank increased its mortgage lending book 8% in the six months to December 31, or around 16% over 2005, managing director Hugh Burrett says. [more]
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