News Round Up
Professional Advisers Association records stellar growth, More OCR hikes predicted this year, Investment rate update.
Monday, January 21st 2008, 7:18AM
The Professional Advisers Association recorded "stellar growth" last year on the back of its full service offering, chief executive Dave McMillan says.He describes 2007 as "a watershed year" for the association with a 27% increase in membership.
"This rapid growth is the result of the introduction of the PAA's 'full service' offering in early 2007. The full service offering involves a combination of the launch of a new code of ethics, educational pathway, practicing certificates, and a complaints procedure, with the broad range of existing member benefits such as professional indemnity cover, holiday homes, and group life."
"A key factor for all professional associations in the lead up to regulation is their own financial viability. On this count the PAA is also extremely strong with net assets in excess of $2.5 million."
OCR increases expected this year
Reserve Bank governor Alan Bollard is unlikely to hike rates on Thursday but, with inflation having breached Bollard's target range, the number of economists predicting future rate hikes is growing. [Read on]
Investment rate update
The past week has been very quiet for investors looking at fixed interest rates. The only changes have been a couple of moves by banks. Full details here.
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