Task Force asks NZ to tell their experiences

Media Release

21 December 2004

Task Force looking at financial intermediaries asks New Zealanders to tell their experiences

The government appointed Financial Intermediaries Task Force today released an initial questionnaire and issues paper designed to gather feedback from New Zealanders on what they think about people who provide financial advice or promote financial products in New Zealand.

Chair of the task force, Michael Webb, said this process is intended to help the task force identify what the issues might be.

“We’re asking consumers, and the industry, to help us gain an understanding of what their experiences have been and what problems they think there are or might be.

“Our job as a task force is to see how New Zealand’s financial advisers and marketers measure up – to the standards New Zealanders expect and to international practice – and what, if any, changes in law may be desirable”.

Michael Webb said the task force was at this stage taking a broad view of the sector.

“We are looking not only at people who call themselves financial advisers, but also organisations and groups who market or advise on financial products.

“These include financial planners, budget and loan advisers, insurance and mortgage brokers, sharebrokers, managed funds, unit trusts, insurance companies, banks and finance companies, lawyers, and accountants.

“We understand people are busy at this time of the year so we’re hoping people will take some time when they get back from holiday to give us their thoughts on these important issues.

The task force’s questionnaire and a more detailed issues paper are both available online at http://financialadvisers.med.govt.nz or by emailing financialadvisers@med.govt.nz for a hard copy.

“We’re also setting up a freephone number – 0508 TASK Force (or 0508 827 536) – which will be available in January,” said Mr Webb. “People can call this number and get a hard copy of the questionnaire or go through it on the phone and fill it in that way.

The questionnaire will also be able to be filled out and submitted online.

“Having a good standard of financial advice and information is important in helping people make the most of their investments and savings – and the people who provide that advice and market financial products are a key part of this,” Michael Webb said.

After analysing the responses to the questionnaire and issues paper, the task force is to develop some possible options to help address the identified issues and will consult on those.

Ends

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