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Economic Commentary
The global financial
crisis began at the end of July 2007. That is almost three years ago!
With
the onset of the global credit crunch the threat to the world financial
system was judged to be so serious that governments were prepared to
provide as much stimulus as needed to avert catastrophe.
Billions were paid to support banks considered “too big to
fail”, emergency packages were rolled out and interest rates were
slashed to very low levels. Since
then things have improved globally, as evidenced by the rebounds in
world share markets since March 2009.
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more
Eriksens
Conference –
Tues 14 Sept 2010
Eriksens
annual conference is to be held at the Stamford Plaza, Auckland.
We are privileged that Hon. Peter Dunne, Minister of KiwiSaver
will open it.
This year we consider "New Zealand Retirement Savings
Policy" and "Investment Issues in these Uncertain Times".
Conference delegates will have the opportunity to win a case of
mixed Hawke's Bay wines kindly donated by Crossroads Wineries.
The winner will be the person who most closely guesses the S
& P 500 Index value as of the evening of Friday 10 September 2010
(New York time).
Click
here for
more details or contact
us for an entry form.
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NZ News
The
Government’s announcement of a new financial services regulator and
the registration of financial advisers may turn out to be
counterproductive.
The
proposed Financial Markets Authority combines much of the existing
regulation of financial services into one organisation and adds some
extra powers. Our concern however is that, in using those powers,
it will also add to the regulatory costs with no additional benefits for
investors.
Fund
managers, superannuation providers and KiwiSaver providers are already
struggling to keep up with current compliance requirements and any more
will simply add to the costs. The recent withdrawal of a KiwiSaver
provider from the market might well be the forerunner of others.
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