Weekly Wrap: Questions about adviser regulation

There are no points for guessing this week's top story – regulation. Commerce Minister Lianne Dalziel gave a press conference on Tuesday where she outlined where adviser regulation was heading and what's up in the non-bank deposit taking sector.

Friday, June 22nd 2007, 3:08PM

The general response to the announcements has been positive. For instance the Professional Advisers Association is 95% happy with what's being proposed. The bits it doesn't like are explained today in the Insurance News section of Good Returns.

Good Returns has a number of stories including coverage of the original announcements along with some questions about what happens with advisers who go bad. You can find releases on the changes in Features.

One of our goals at Good Returns is to get answers to your questions. If you have a question on the changes you would like answered then email questions@goodreturns.co.nz

Finally on this topic we have some comment.

Listen to the minister
I listened into Commerce Minister Lianne Dalziel's press conference on changes proposed for advisers and non-bank deposit takers the other day and was pleased with what I heard.[more]

The other big event of the week was the farewell function for Broadbase founder Marshall Garrett. It was good to get down to Christchurch for the event which attracted people from all over the country. ASSET Magazine will publish an extensive interview with Marshall next month where he gives his take on what advisers need to focus on.

On the more immediate news front Good Returns today can outline changes going on at Broadbase. While lots of advisers are considering selling up to corporates, Broadbase's chairman Ross Valentine makes it clear the group, which has around $400 million under management, isn't for sale.

Across on the People page Goldman Sachs JB Were is dominating the space with the announcement of a "co-heads". (When I hear that title I think of Fluffy in the original Harry Potter movie!). Also the firm has a new portfolio manager. The other People story is the new role for AMP's managing director.

While the Commerce Minister announced plans to better regulate the sector including mandatory ratings of finance companies there is plenty of other news. Amongst the headlines are strong support of Strategic Finance's preference share issue, an update on the Provincial receivership, news that term deposit money flows are slowing, the rate for BNZ's subordinated bonds plus General Finance's latest results. All these stories can be found here.

The whole KiwiSaver space continues to be busy. Over in SuperTalk you can find all the latest releases on the subject. SuperTalk and KiwiSaver.net.nz are designed to be a one-stop shop for all the news.

Have a great weekend.