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Regulators are asking for a written response that outlined the actions the insurer had taken to identify and address conduct risk from the company's actions. Photo / Getty Images

BUSINESS

Prove yourselves clean: Ultimatum to NZ life insurers

24 May, 2018 4:22pm
3 minutes to read

Regulators are demanding a response by June 22.

Panel beaters are in high demand with the increased number of cars on the road leading more accidents. Photo/123RF.

BUSINESS

Auckland panel beaters tap into higher pay

24 May, 2018 3:00pm
4 minutes to read

NZ's largest insurer is to pay a higher hourly rate for panel beaters in Auckland.

The New Zealand economy is edging toward the mature side, according to Westpac. Photo/123RF.

BUSINESS

Economy now 'over the hill' says Westpac

24 May, 2018 6:47am
3 minutes to read

New Zealand's economy is past its prime according to Westpac economists.

ANZ received a lot of queries through December and January and had to add an extra 10 staff to ensure it met its 21-day dispute promise to customers. Photo / Steven McNicholl

BUSINESS

Second NZ bank swamped by transaction disputes

21 May, 2018 8:07pm
4 minutes to read

A second bank is facing a complaint over a long way for a fraud claim.

ASB Bank has cited the increase in online shopping for an

BUSINESS

Bank swamped by 'unprecedented increase' in credit card frauds

21 May, 2018 8:12am
3 minutes to read

Fraudulent and disputed transactions are on the rise as digital transactions grow.

One insurer paid for advisers to go to Tahiti. Photo/Supplied.

BUSINESS

Insurers drag heels on freebie trips call despite warning

20 May, 2018 3:36pm
6 minutes to read

Insurers are being slow to move on freebie trips for advisers despite repeated warnings.

A2's size means it can move the market - up and down. Photo / Bloomberg

BUSINESS

Stock Takes: A2 fall shows NZ's frailty

18 May, 2018 5:00am
5 minutes to read

Local market can be troubled by a single stock's slump.

The report found $18 milion of the $34m insurers spent on soft incentives was on trips to destinations including Tahiti. Photo / Getty Images

BUSINESS

Trips to Tahiti, Argentina and the US: What insurers blew $34M on in two years

16 May, 2018 3:00pm
6 minutes to read

Millions spent on trips, conferences, training and support, gifts, prizes and sponsorship.

More than 500 retail workers have complained to the union after the Smith City case. Photo/Michael Cunningham.

BUSINESS

Smiths City fallout: 500 workers lodge complaints over unpaid work

16 May, 2018 7:18am
4 minutes to read

More than 500 retail workers have complained about unpaid work after the Smith City case.

Kiwis will soon get access to computer-genrated financial advice. Photo/123RF.

BUSINESS

Here come the robots: First digital financial advice gets green light

14 May, 2018 8:43am
3 minutes to read

Kiwis will soon be able to get personalised KiwiSaver advice from a computer.

Chirag Ahuja was ordered to pay $20,000 by the ERA after two ex-staff members said Black Power members were hired to intimidate witnesses in an employment dispute. Photo/File

BUSINESS

Boss accused of hiring Black Power to threaten staff has fines slashed

11 May, 2018 1:20pm
4 minutes to read

Chirag Ahuja arranged for workers to be intimidated during a wage dispute.

Peter Harris, managing director of builder's risk insurer CBL Corporation called in voluntary administrators KordaMentha in March. Photo/Dean Purcell.

BUSINESS

Shareholders Association wants CBL Corp liquidated

11 May, 2018 7:27am
2 minutes to read

The Shareholders Association has called for CBL Corporation to be liquidated.

Young Kiwis are much more comfortable carrying debt than those over the age of 45, research by the BNZ has revealed. Photo / Getty Images

BUSINESS

Young Kiwis more comfortable with debt

11 May, 2018 5:00am
4 minutes to read

People aged 18 to 24 are the most relaxed about debt.

Interest rates could rise on the back of increased funding costs for banks, the Reserve Bank has warns. Photo / Mark Mitchell

BUSINESS

Pressure building on mortgage rates: Reserve Bank

10 May, 2018 9:04pm
5 minutes to read

Higher offshore funding costs could put pressure on banks to increase interest rates.

Blair Vernon, managing director AMP Financial Services, says it is working actively with New Zealand regulators. Photo/Supplied.

BUSINESS

Future of AMP NZ remains undecided following Aussie revelations

10 May, 2018 10:31am
4 minutes to read

The future of AMP's New Zealand business remains under review.

Problems with ANZ's loan calculator has impacted 100,000 customers. Photos / Lynda Feringa.

BUSINESS

ANZ's loan calculator problem hits 100,000 customers

9 May, 2018 3:41pm
3 minutes to read

Around 100,000 ANZ customers have been affected by a problem with its loan calculator.

Westpac New Zealand chief executive David McLean says he is confident in the bank's processes and systems as it responds to a call by regulators to prove itself clean. Photo/Brett Phibbs.

BUSINESS

Westpac posts $482m profit, welcomes regulator's intervention

7 May, 2018 9:19am
3 minutes to read

Westpac New Zealand says it is confident in systems in wake of regulators calls for proof.

Ayesha Scott, a finance lecturer at AUT, says research shows KiwiSaver documents are not giving some people the information they need. Photo/Supplied.

BUSINESS

Kiwis left confused by Kiwisaver documents: Research

7 May, 2018 7:12am
3 minutes to read

Research shows Kiwis struggling to get basic info from KiwiSaver investment documents.

Banking Ombudsman Nicola Sladden. Photo/Doug Sherring.

BUSINESS

Ombudsman acts to step up bank vigilance

5 May, 2018 5:00am
3 minutes to read

Banking Ombudsman says it will step up checks on bank complaints.

The Warehouse says it is now entering the second phase of its a major restructure which began in January 2017. Photo/Supplied.

BUSINESS

Stock Takes: Where will Warehouse restructure costs end?

4 May, 2018 5:00am
4 minutes to read

Our take on the markets this week.

New BNZ boss Angela Mentis says low numbers of complaints and the success of the Banking Ombudsman service are some of the reasons why she doesn't believe New Zealand needs a banking inquiry.

BUSINESS

Mis-selling not a problem in NZ: BNZ boss

3 May, 2018 5:41pm
5 minutes to read

Angela Mentis says New Zealand does not need a banking inquiry.

BNZ has released its half year result today. Photo/Steven McNicholl.

BUSINESS

BNZ half year profit rises to $490m

3 May, 2018 10:47am
3 minutes to read

The Bank of New Zealand has revealed its half year profit.

The FMA will next turn its attention to the insurance industry. Photo / Getty Images.

BUSINESS

FMA says insurers next in line for tough talk

2 May, 2018 2:15pm
3 minutes to read

Finance watchdog boss Rob Everett reveals why he moved now to shake up the banks.

The performance of most KiwiSaver funds went backwards in the first three months of this year. Photo/Steven McNicholl.

BUSINESS

Most KiwiSaver returns in the red for first quarter

2 May, 2018 7:27am
2 minutes to read

Most KiwiSaver funds had a negative return in the last three months.

Fianncial Markets Authority CEO Rob Everett has asked banks for assurances. Photo / Supplied

BUSINESS

FMA to NZ banks: Prove to us that you're not ripping off customers

2 May, 2018 6:36am
5 minutes to read

New Zealand banks have been told to step up and prove to the regulators they are clean.

BP has defended its pricing strategy. Photo/Duncan Brown.

BUSINESS

BP defends petrol pricing strategy

30 Apr, 2018 11:21am
3 minutes to read

BP has defended its pricing strategy after details were leaked.

Commerce Commissioner Anna Rawlings says the number of mobile traders has shrunk and compliance is getting better after taking 13 cases against industry players. Photo/Jeff Brass.

BUSINESS

Truck shop whacked with highest-ever fine

30 Apr, 2018 10:11am
3 minutes to read

A mobile trader has been handed out the highest fine for the industry so far.

BUSINESS

More fallout from Oz inquiry: AMP chair resigns

30 Apr, 2018 9:52am
2 minutes to read

AMP's chairwoman has resigned in the wake of the fees for no advice scandal.

National MP Jonathan Young and AA spokesperson Mark Stockdale are both calling for greater transparency after a concerning internal email. Photo/123RF.

BUSINESS

Price rise email: Nats, AA demand transparency from petrol companies

30 Apr, 2018 8:34am
5 minutes to read

The AA says petrol companies need to be more transparent about pricing.

The cost of borrowing offshore has grown due to rising interest rates globally. Photo / AAP

BUSINESS

Banks face flat half-year profits

30 Apr, 2018 5:00am
3 minutes to read

Major institutions likely to feel effect of housing market cooling and squeeze in margins.

Jennifer Whooley, chief financial officer for Stride, says support has been key to her rise up the ranks. Photo / Dean Purcell

BUSINESS

The interview: Jennifer Whooley

28 Apr, 2018 5:00am
6 minutes to read

Jennifer Whooley is part of a very small group of female CFOs on NZX-listed companies.

ANZ is due to report its half year result tomorrow. Photo / Steven McNicholl

BUSINESS

Banks tipped to feel the squeeze

27 Apr, 2018 9:07am
4 minutes to read

Analysts say it's been a tough quarter for the major banks.

Sam Stubbs, head of KiwiSaver provider Simplicity, has called for New Zealand to hold a banking inquiry. Photo/Janna Dixon.

BUSINESS

NZ needs banking enquiry after Aussie scandal: Finance expert

27 Apr, 2018 2:07pm
4 minutes to read

Sam Stubbs has called for New Zealand to hold its own banking inquiry.

Banks are likely to have to invest more in meeting regulatory changes, could face fines and may have to hold additional capital as a result of the inquiry. Photo / File

BUSINESS

Stock Takes: Bank inquiry hits shareholders in the pocket

27 Apr, 2018 5:00am
3 minutes to read

Our take on the markets this week....

Steve Jurkovich has been named as the new chief executive of Kiwibank. Picture / NZME

BUSINESS

Kiwibank appoints new boss

26 Apr, 2018 10:26am
2 minutes to read

State-owned Kiwibank has a new boss.

BUSINESS

'Banks should be doing more'

25 Apr, 2018 2:30pm
4 minutes to read

Financial institutions urged to help Kiwis improve their financial wellbeing.

Similar extremes of behaviour appear unlikely on this side of Tasman, says Commerce Minister. Photo / AAP

BUSINESS

Aussie banking scandal: What does it mean for NZ?

23 Apr, 2018 5:16am
4 minutes to read

Banks across the ditch face more scrutiny.

Would you be prepared to pay more tax if it meant your parents and grandparents continued to receive New Zealand Superannuation? Photo / Graphic

BUSINESS

A super future: Are we on track to pay for our pensions?

20 Apr, 2018 6:00am
12 minutes to read

Is the NZ Super fund on track to do what it was set up to do?

Fletcher Building's roller-coaster ride continues for shareholders. Photo / Supplied

BUSINESS

Stock Takes: Where next for Fletcher's share price?

20 Apr, 2018 6:00am
5 minutes to read

Our take on the markets this week.

More than one-in-three New Zealanders is either struggling or only just getting by, a study shows. Picture / Getty Images

BUSINESS

More than one-in-three Kiwis has poor financial health

20 Apr, 2018 6:00am
4 minutes to read

A new report has revealed the drivers behind Kiwi's financial well-being.

Roger Wallis, partner at Chapman Tripp, has compared listed companies to Crown entities. Photo/Supplied.

BUSINESS

Auckland directors dominate listed market

17 Apr, 2018 5:00am
3 minutes to read

Listed companies are facing increasing regulatory pressure, according to a report.

Paul Buist, 75, says working helps him tick off his bucket list and travel to see family overseas. Photo / Alan Gibson

BUSINESS

Third of older working Kiwis can't afford to quit

16 Apr, 2018 5:00am
4 minutes to read

Nearly half of Kiwis plan to work beyond 65 and third of those working say they have to.

Retirement Commissioner Diane Maxwell says New Zealand needs to raise the age of eligibility for New Zealand Superannuation. Photo / Supplied

BUSINESS

Retirement Commissioner hits back

15 Apr, 2018 4:08pm
5 minutes to read

The Retirement Commissioner has hit back at criticism of NZ's pension generosity.

Storm damage like this at Sandy Bay Road in Bayswater has prompted hundreds of calls to insurers already. Photo/Doug Sherring

BUSINESS

Insurers flooded with calls after storm

11 Apr, 2018 9:58am
6 minutes to read

A majority of the calls were for claims in Auckland.

Some Auckland Uber users experienced a price spike today after the storm. Photo/Dean Purcell.

BUSINESS

Uber price spikes on storm demand

11 Apr, 2018 8:30am
2 minutes to read

Storm surge: The price of a catching an Uber jumps as a result of demand.

BUSINESS

Small businesses hit by storm power cuts

11 Apr, 2018 6:42am
3 minutes to read

How Auckland's businesses have been affected by the storm.

People are not putting enough into KiwiSaver and the charges are high, says a global expert in pension policy. Picture / NZME

BUSINESS

NZ lagging behind rest of the world, says retirement expert

8 Apr, 2018 2:29pm
3 minutes to read

Biggest issues are the contribution rate for KiwiSaver is too low and fees too high.

ASB chief executive Vittoria Shortt at ASB HQ in Wynyard Quarter. Photo/Doug Sherring.

BUSINESS

High-flying banking career built on curiosity

7 Apr, 2018 5:00am
9 minutes to read

ASB's new boss tells us why she puts her hand up for everything and why others should too.

Despite its success in gaining massive numbers of subscribers Spotify has yet to turn a profit. Picture / AP

BUSINESS

Stock Takes: How to spotify a winner

6 Apr, 2018 5:00am
5 minutes to read

Analyst says expensive shares risky.

AMP plans to take 12 advisers to Hawaii for the final incentive trip this year. Photo/File.

BUSINESS

Bye-bye Hawaii: Insurer cans overseas incentive trips for advisers

5 Apr, 2018 10:00am
4 minutes to read

An insurer is to stop sending high-selling advisors on overseas trips.

Simplicity chief executive Sam Stubbs says New Zealanders should be able to pay the same for index funds as investors in bigger markets. Photo / Janna Dixon.

BUSINESS

Low-fee KiwiSaver manager launches more funds

5 Apr, 2018 6:00am
2 minutes to read

Low-cost KiwiSaver manager launches two new index funds.

New Zealand retirees are being short-changed according to countries like the Netherlands. Photo / 123RF

BUSINESS

NZ has one of least generous pensions in OECD

4 Apr, 2018 5:04pm
4 minutes to read

Kiwis get 43% of the average working wage, ranking it 6th worst equal with Australia.

Tower will charge customers in earthquake-prone areas more. Picture / NZME.

BUSINESS

Major insurer to shake-up home premiums: Good for some, bad for others

3 Apr, 2018 5:08pm
5 minutes to read

Tower says it will stop cross-subsidising earthquake insurance between its customers.

Young women had lower levels of financial literacy and rated themselves lower on self-assessments than men, research by Massey University shows. Photo / Getty Images.

BUSINESS

Millennials rely on parents for money know-how

28 Mar, 2018 3:06pm
3 minutes to read

Young Kiwis are heavily reliant on their parents for money know-how.

Partners Life hit the headlines in 2014 when it offered advisers who sold more than $80k worth of premiums a trip to LA, which included a dinner party at the Playboy Mansion. Photo / Getty Images

BUSINESS

Life insurer blames 'bad morals' for industry scandals

28 Mar, 2018 1:37pm
5 minutes to read

Insurer made headlines in 2014 after offering advisers trip to LA and the Playboy Mansion.

The New Zealand banking industry body has been quick to defend the local market. Picture / Bradley Ambrose

BUSINESS

What grilling of big Aussie banks means for NZ

27 Mar, 2018 9:00am
3 minutes to read

The findings could have implications here where the four major banks are Australian owned.

The New Zealand share market is headed for its third down day in a row. Photo/Supplied.

BUSINESS

NZ shares keep falling for third day

26 Mar, 2018 11:02am
3 minutes to read

The New Zealand share market looks like it is headed for its third down day in a row.

Nadine Tereora, chief executive of Fidelty Life, says women need to believes in themselves and stop aiming for perfection. Photo/Doug Sherring.

BUSINESS

The interview: Nadine Tereora

24 Mar, 2018 5:00am
8 minutes to read

Women can get what they want in business and life, Fidelity Life boss tells Tamsyn Parker.

BUSINESS

Stock Takes: Political risk on the rise?

23 Mar, 2018 5:00am
5 minutes to read

Our take on the markets this week.

The FMA has a levelled a stern warning at the life insurance sector over a number of its practices. Photo/123RF.

BUSINESS

Life insurance crackdown: Regulator sanctions 11 advisers

22 Mar, 2018 2:27pm
5 minutes to read

FMA report reveals a lack of awareness of conflicts of interest in a sample of advisers.

The cost of Cyclone Fehi is likely to be over $39m. Photo/Mark Mitchell.

BUSINESS

Cyclones likely to cost NZ more than $80 million

21 Mar, 2018 9:26am
2 minutes to read

The stormy start to the year is likely to cost insurers more than $80 million.

Banks are cautious about lending on pre-fabricated homes. Photo / John Stone.

PROPERTY

The homes Kiwi banks won't finance

19 Mar, 2018 3:31pm
4 minutes to read

It is tough for first-home buyers wanting to get a mortgage on a prefabricated home.