ASB's loss on Aegis sale drags down first-half profit
By Jenny Ruth | Wed, 12 Feb 2020
ASB Bank's first-half net profit fell 5 percent, mostly reflecting a loss on the sale of its funds administration business and a flat underlying result.The bank reported a net profit of $599 million f...
Suncorp NZ faces $8m remediation over discount issues
By Paul McBeth | Tue, 11 Feb 2020
Suncorp Group’s New Zealand division has set aside $8 million to cover remediation costs for its general insurance unit at a time when insurers prepare for closer regulatory scrutiny.The Brisbane-base...
Conduct review triggers RBNZ whistleblower service
By Victoria Young | Tue, 11 Feb 2020
The Reserve Bank of New Zealand is formalising its procedures with a phone line and dedicated email inbox for whistleblowers. The move comes as the regulator beefs up its prudential function and...
Westpac to pay customers $3.7m after credit contracts breach
By Jenny Ruth | Tue, 11 Feb 2020
Westpac will pay customers $3.7 million in reparations.after agreeing with the Commerce Commission that it breached credit contracts disclosure law.The corporate regulator said Westpac breached the Cr...
Intueri's promoter, Arowana, suspends ASX trading
By Jenny Ruth | Fri, 07 Feb 2020
ASX-listed Arowana International, the company that promoted the float of failed NZX-listed Intueri Education Group, has asked for trading in its shares to be suspended pending an announcement."Unless...
New Zealanders don't have enough life insurance: FSC
By Jenny Ruth | Thu, 23 Jan 2020
A growing number of New Zealanders believe the population has less life insurance than it needs, according to industry research.In a survey for the Financial Services Council conducted last year, 71 p...
Trade Me sells LifeDirect back to former owner
By Paul McBeth | Wed, 22 Jan 2020
Trade Me has sold its LifeDirect business back to the financial adviser it bought it from, saying the insurance comparison website doesn’t fit its portfolio anymore.Lower Hutt-based financial adviser...