News Round Up
Love 'em or loath them you should read this, Morningstar sticks with NZ, Regulators busy banning advisers.
Sunday, December 2nd 2001, 11:04AM
The Australian Securities and Investments Commission (ASIC) has banned 30 advisers and jailed 25 people it describes as corporate criminals during the past year.
In its report which was tabled in the Federal Parliament last week it said that 17 of the 30 banned advisers were permanently removed from the industry. The others are eligible to return to the industry after their bans expire.
This year 's figures are slightly higher than the previous year when 27 where banned, and 15 permanently removed.
Five advisers also received jail sentences this year as did 13 unlicensed individuals, and seven dealers' licences were revoked.
The watchdog’s report shows it also commenced 214 major investigations throughout the 2000/2001 year, and saved $400 million of investor funds after stopping illegal schemes or those with inadequate disclosure.
Love 'em or loathe you should read this
It seems people have either loved or loathed Sovereign over the years. Whatever you think the company has been remarkably successful. A new book out, Reality is Crazy - The Sovereign Story, chronicles the company's achievements.
It describes how a company that in 1988 had no name and no office got to the position of having a third of the life insurance market in just over a decade.
Reality is Crazy, documents Sovereign's battles with the Securities Commission and describes what happened inside the company, and the roles key people played.
Reality is Crazy - The Sovereign Story ($39.95) is available through the Good Returns' bookstore. Alternatively you can order the book by calling the store tollfree on 0800-345675
Morningstar sticks with NZ
Morningstar says it remains committed to the New Zealand market, despite the fact that has been making losses on its Australasian operations.
Morningstar's Australasian joint managing director Bevin Desmond told Good Returns that the US parent company is putting in extra capital to get the company on a sound footing. She would not disclose how much money though.
She says although the New Zealand market has some constraints on it that make it less dynamic than Australia, it "remains a very interesting market to us".
One of the factors is that it is a "deeper business for Morningstar downunder" than Australia."
"We are committed to trying to serve it in the most efficient way.
"We certainly have no plans to abandon it," she says.
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