South Africa watchdog warns against UAE-based advice firm
Unauthorised advice given on qualifying recognised overseas pension schemes (Qrops)
New Zealand
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New Zealand life insurers pay most commission
NZ reserve bank said the high level of commission life insurers pay to advisers can create ‘conduct risk’
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Asia region funds passport finally set to launch
Passport will combine the fund markets of five Asia-Pacific countries to bolster cross-border vehicles
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New Zealand introduces financial services code of conduct
Breaches can incur fines of up to NZ$100,000
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New Zealander extradited to face boiler room charges
Authorities in Australia have extradited a New Zealander to face charges that he allegedly defrauded 21 victims, including pensioners, to the tune of A$1.2m (£686,930, $914,550, €772,380).
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Swiss spat with Saudi and NZ the tip of the CRS iceberg
The lower house of the Swiss parliament has rejected automatic exchange of information (AEOI) agreements with New Zealand and Saudi Arabia but has given the green light to ratify deals with 39 other nations.
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AIA pays $2.4bn for Aussie and New Zealand life insurers
The Commonwealth Bank of Australia has sold its life insurance businesses in Australia and New Zealand to AIA Group for A$3bn (£1.8bn, $2.4bn, €2bn).
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Course on insurance adviser behaviour launched Down Under
A training course designed to improve consumer confidence and build professional competence in the broking profession has been launched in Australia and New Zealand.
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deVere Group ventures into New Zealand
deVere Group is to open its first office in New Zealand in January 2017, a year after launching its second office in Australia.
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ANZ eyes Australian wealth management exit
ANZ Bank is considering selling its life insurance, advice, and superannuation and investments businesses in Australia which would see one of the country’s largest financial institutions effectively withdraw from the wealth management sector.
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IVCM targets int’l investors with relaunched New Zealand Rops
IVCM, formerly Brooklands Pensions, is reopening its New Zealand recognised overseas pension scheme (Rops) and will include funds managed by Emirates NBD Asset Management and Vanguard Investments Australia.
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Potential pitfalls of the Lifetime Isa – Royal London
To be introduced in the UK in April 2017, the Lifetime Isa (Lisa) is intended to incentivise people to save for their first home, their retirement, or both. But research published by the independent Pensions Policy Institute (PPI), sponsored by Royal London, compares the tax-free savings scheme with its international counterparts and highlights some challenges…