Company ‘determined to achieve our objectives’, founder and CEO Simon Henry says.
From today credit ratings are now mandatory for non-bank deposit takers (NBDTs) under new Reserve Bank rules.Mandatory credit ratings are a key component of the new prudential regulatory regime for deposit taking finance companies, building societies and
Cabinet has this week made some important decisions about the implementation of the Financial Advisers Act and the Financial Service Providers Act, which were both passed into law in 2008.These decisions will allow for regulations to be developed that set
Non-bank deposit takers (NBDTs) should display information about their credit rating in all advertisements, the Securities Commission has recommended.The commission today issued interim guidance for NBDTs on disclosure of credit ratings under mandatory cr
The New Zealand Superannuation Fund has had its worst month of the 2009/2010 year, falling in value by more than $300 million after months of solid gains. The fund produced a return after fees and before tax of -1.97% in January, only the second negative
What's happening to the rules for financial advisers?The Financial Advisers Act, which was passed in 2008 by Labour alongside the Financial Services Providers (Registration and Disputes Resolution) Act, is going to be fully implemented by December, accord
KiwiSaver has brought a deluge of funds flowing into AMP but it will be a long time before it actually makes any money from the new cash sloshing around.AMP Financial Services New Zealand announced today that its operating earnings ($68 million) and its u
AMP Financial Services New Zealand has reported a 2% increase in operating earnings to $68 million and a 2% rise in underlying profit to $77 million in the year ended December 2009. The company credited the improvement to a reduction in costs as well as
New Zealand's high exchange rate has pushed prices for capital goods down further.Today's release of Statistics New Zealand's Capital Goods Index shows a fall of 1.1% in plant and machinery costs in the December quarter – a change mostly driven by f
KiwiSaver growth funds have had another strong quarter but they still lag behind default funds in performance over the last two years, according to Mercer's latest KiwiSaver survey.Growth funds led all categories in the quarter to December 31 with a media
