Perpetual CEO Geoff Lloyd has announced he will step down from the role at the end of the financial year, next June. Lloyd has been with the financial services group since 2010, and CEO since 2012 - overseeing a period of restructuring and change. Perpetual indicated there would be a search for both internal and external candidates for his replacement. ANZ's New Zealand unit has agreed to sell its share broking and bond trading platform to locally-owned share broker and investment bank First NZ Capital Securities for an undisclosed sum. ANZ customers would still have access to the platform, which ANZ bought in 2007 for NZ$5.1 million in 2007 when it was called Direct Broking. The platform would be renamed as Direct Broking. ANZ said the sale would allow ANZ to simplify its business and was expected to be completed in the second half of 2018.  "ANZ recognises it does not need to own the technology required to provide our customers access to a share trading solution," said Paul Goodwin, ANZ Managing Director Institutional New Zealand. The platform generated NZ$19 million in trading revenue in the year to September 2016. ANZ New Zealand is taking legal action against the Financial Markets Authority, but the details of the case are shrouded in secrecy. In 2014, ANZ New Zealand reached a settlement with the FMA following an investigation into allegedly misleading sale and marketing of interest rate swaps to rural customers. Although it settled, ANZ stated at the time that it did not accept the FMA's views. But with neither party commenting and the High Court's daily list amended to remove mention of the case, it is not known if this new legal action relates to the issue. Co-Op Money, the industry organisation representing New Zealand credit unions and mutuals, has won a High Court appeal against the Registrar of Friendly Societies and Credit Unions, allowing it to continue to provide wholesale banking and other services to Associate members and third parties as well as to its member credit unions. The Registrar was alleging that doing so was a breach of the Friendly Societies and Credit Unions Act. Co-Op Money CEO Henry Lynch said the ability to provide services to associate members and third parties allowed the organisation to provide its core services to member credit unions at a lower cost. But he added that the organisation was focusing now on supporting attempts to amend the legislation, which he described as "not fit for purpose and unable to keep pace with technology and modern business developments". A Members bill to amend the Act is currently before parliament's Finance and Expenditure select committee.