News Round Up: December 6

IFA does international deal; Securities Commission defends itself; S&P raises AIA's rating; 14 new CFAs.

Monday, December 6th 2010, 7:41AM

IFA does international deal
The Institute of Financial Advisers (IFA) says a partnership with UK-based Institute of Business Ethics (IBE) is set to provide the financial services sector with internationally recognised best practice business ethics training for the first time in New Zealand.

IFA chief executive Peter Lee says the law is getting more prescriptive in terms of disclosure and transparency but there are many grey areas that legislation does not address.

"There are many ethical issues financial advisers face on a regular basis that are not prescribed by law and from which financial advisers would benefit from some guidance."

In a memorandum of understanding between the IFA and the highly regarded IBE, financial advisers will from next year be able to participate in a New Zealand oriented Business Ethics course tailored for the finance sector.

IBE director Philippa Foster Back says its London-based institute works with several professional bodies in the United Kingdom and advises more than 30 Government and internationally headquartered corporations worldwide. But this is the first time it has collaborated with an overseas based institute which will exclusively market the course to fellow financial services professionals.

Securities Commission defends itself
The Securities Commission released a raft of information late Friday showing what it had done since finance companies collapsed. (Story here)

Included in the release were details of court cases. We outline the charges against each of the companies and their directors in www.depositrates.co.nz

S & P raises AIA's ratings
Standard & Poors' (S&P) has raised its ratings on two AIA operating entities saying its IPO in October diminished uncertainty about its ownership.

American International Assurance Company (AIA) and its wholly owned subsidiary American International Assurance Company Bermuda (AIAB) has been raised to ‘AA-' from ‘A+', outlook stable.

In its report, S&P said that the ratings on AIA and AIAB "reflect our view that the companies have very strong competitive positions in the insurance markets in Asia.

"The companies' robust financial profiles and improved financial flexibility support the ratings. We consider that AIA Group's IPO on 29 October, 2010, diminished uncertainty about its ownership."

Further, the S&P report says the stable outlooks on the ratings reflect its expectations that AIA Group will maintain its competitive position and financial profile while it develops its franchise.

NZ has 14 new CFA charterholders
There are 14 new CFA charterholders in New Zealand admitted to CFA Institute, the global association of investment professionals, taking the total number of CFA charterholders to 168.

More than 1,300 individuals in Asia Pacific will be awarded the CFA charter as recognition ceremonies roll out across the region over the next two months and the global number will increase to more than 94,000.

To acquire the CFA charter, these individuals have passed the three levels of rigorous CFA exams, committed to abide by the CFA Institute Code of Ethics and Standards of Professional Conduct, and fulfilled the four-year work experience requirement.

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KiwiSaver mismatch a 'huge challenge' for advisers »

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