South Canterbury Finance Limited

[Alan3285]

Well here's one impairment for the year and what a headline!
http://www.stuff.co.nz/business/indu...nt-in-14m-debt

Interesting timing - Nov 2009!

Things were already 'difficult' for SCF by then, so seems odd that they would actually advance $14m in cash. I wonder if that was actually a rollover of pre-existing loans, becuase if not, it certainly looks like a bad decision irrespective of whether the loans perform or not (which they probably aren't from that article).

Alan.

[Dr_Who]

AH on Close Up TV1 tonight @ 7pm.

[Balance]

Thanks for that tip, I'll tune in with keen interest.

It will be more of the PR game of how frugal they have been, the VW they have driven, a few adoring supporters waxing lyrical about how he has helped them etc.

I am very surprised that AH's lawyers have not asked him to keep a low profile as he has been shooting himself in the foot whenever he (and his supporters) opens his mouth.

I guess the lawyers are not confident about getting a judicial review?

One senses that the die is cast and the court of public opinion is where he has been advised to take his review.

[Awamoa]

It will be more of the PR game of how frugal they have been, the VW they have driven, a few adoring supporters waxing lyrical about how he has helped them etc.

I am very surprised that AH's lawyers have not asked him to keep a low profile as he has been shooting himself in the foot whenever he (and his supporters) opens his mouth.

I guess the lawyers are not confident about getting a judicial review?

Here we go again,making judgement before its even aired.

[Balance]

Here we go again,making judgement before its even aired.

Well, you can see whether I am right or wrong?

Question for you - "He told Radio New Zealand's business editor he "never borrowed" and it was "always kosher". Who put poor AH up to say something like that on Radio NZ !!!!???

It is so sad.

[minimoke]

Here we go again,making judgement before its even aired.

Probably not. Since when is there ever any probing or deep interviews in a show at that time slot. Actually when ever are there probing interviews?

[Balance]

Probably not. Since when is there ever any probing or deep interviews in a show at that time slot. Actually when ever are there probing interviews?

So, any surprises?

As I predicted?

Fascinating on Campbell's Live about the bacteria and coli count in ice and toilet water in MacDonalds, Wendys, Burger King & Sky City. Be careful what and where you drink!

[Alan3285]

So, any surprises?

As I predicted?

Fascinating on Campbell's Live about the bacteria and coli count in ice and toilet water in MacDonalds, Wendys, Burger King & Sky City. Be careful what and where you drink!

I don't put ice in my drinks at those places - you get less of the drink!



Alan.

[Enumerate]

The Financial Advisers Act 2008 came into force on the 7th of July.

It would be interesting to understand how both registered and non-registered financial advisers need to regulate their behaviour, especially when dealing with retail clients over the Internet.

For example, there is a basic obligation of disclosure. There is a requirement for any class of financial advisor to provide information associated with certain matters.

The matters are—(a) contact details:

(b) the type of financial adviser:

(c) financial adviser services provided (including financial products in relation to which a financial adviser service is provided):

(d) fees:

(e) material interests, relationships, or associations:

(f) remuneration:

(g) dispute resolution arrangements:

(h) professional or business experience relevant to performance of a financial adviser service:

(i) criminal convictions:

(j) disciplinary proceedings:

(k) adverse findings by a court or the Commission:

(l) bankruptcy or other insolvency proceedings:

(m) indemnity insurance:

(n) matters required to be disclosed by the authorised financial adviser's terms and conditions of authorisation.

It will be interesting to see if a financial adviser posting under an pseudonym on an Internet chat site is required to make disclosure under the Act.

There are a number of significant obligations:

Financial adviser must not engage in misleading or deceptive conduct(1) A financial adviser must not engage in conduct in relation to the provision of a financial adviser service that is misleading or deceptive or likely to mislead or deceive.

(2) A person who knowingly or recklessly contravenes subsection (1) commits an offence (see section 118).

Clearly there a quite a few provisions for obligations in the Act. It would certainly be an interesting case to see if a financial adviser, posting under a pseudonym on the Internet, was required to maintain their obligations under the act.

There is the matter of the financial advisers code:

http://www.financialadvisercode.govt...draft-code.pdf

Code Standard 2
An AFA must not do anything that would bring the AFA, or financial advisers generally, into disrepute.

There is surprisingly little in the act or code about basic skills. It seems if any idiot can become a financial adviser (and many idiots are):

Financial adviser must exercise care, diligence, and skill

Just as well Roger and Balance are not financial advisers under the act.

Just for safety, I ask that all financial advisers make their minimum statutory declarations before posting.

[Balance]

I don't put ice in my drinks at those places - you get less of the drink!



Alan.

Good one, Alan!