Peter Huljich has stepped down as the managing director and chief investment officer at Huljich Wealth Management after a board review of the company's operations.

Fraud has skyrocketed to record levels in New Zealand with $100 million defrauded last year, revealing that managers remain the greatest risk to business.

Recent publicity here and in Australia has focused on what has been an age old debate within the industry since its foundation, should advisers be paid fees or generate their income from brokerage?

Increasingly the spectre of the application of the Financial Advisers Act 2008 (FAA) is dawning on the consciousness of the accounting profession. As a result those accountants who have turned their mind to the issue are realising that they will be faced with some stark choices.

James Wigglesworth, Francois Bondiguel and Jason Leong are not native to Dunedin but they appear to have been inspired by the southern city's Scottish heritage in the creation of their start-up venture, Pocketsmith.

A new disputes resolution service targeting financial advisers is being launched as the rush to comply with the coming regulatory regime intensifies.

Another London-based company is arriving on the scene, giving incumbent CMC Markets a run for its money.

Short term cash rates are likely to remain low for some time, with those investors seeking higher yields forced to start "moving out along the yield curve", according to ING NZ.

Prudent investment portfolio managers should not invest 100% of the funds under their care, but look to include gold bullion into the mix as "insurance" against the current global financial upheaval and falling value of money.

The newly appointed Commissioner for Financial Advisers has assured advisers he will not be bringing "jackboots" when he moves back to New Zealand to take up his new position.

Many New Zealand investors have money invested into global share markets. This includes individuals right through to the large savings funds such as the NZ Superannuation Fund. Over the past decade the market has seen massive peaks and troughs.

The government has announced an extra $11.7 million for the Securities Commission over four years to implement a regulatory body for financial advisers, before expecting it to become self-funded through fees and levies.

The Minister of Commerce, Simon Power, has appointed a Commissioner of Financial Advisers, but it is only an interim appointment.

 

Commerce Minister Simon Power has appointed Securities Commission member Annabel Cotton as interim commissioner for financial advisers.

Cotton will hold the position for up to 12 months after she ruled herself out for the full five-year term, and will serve as commissioner while the Ministry of Economic Development continues its search. The ministry has hired a recruitment agency to look for candidates both in New Zealand and abroad. One of her first tasks will be to select and appoint code committee members.

Outspoken KiwiSaver fund manager Gareth Morgan and outgoing TradeMe business manager Mike O'Donnell plan to enter wholesale fund management.

Morgan's fairly unstructured approach has been successful in his retail and KiwiSaver funds, and it will b