Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 

Non-bank finance sector review announced

13 May 2005

Non-bank finance sector review announced

The government today announced a review of how a number of non-bank financial products, and providers of them, are regulated.

The aim of the review is to improve the efficiency of financial markets by ensuring that there is a consistent and effective framework for the regulation of products and providers.

The review will comprise an assessment of the current regulation of: superannuation, insurance, managed fund products, and securities offerings. It will also look at the regulation of non-bank providers such as insurance companies, credit unions, friendly societies, building societies, finance companies and industrial and provident societies.

It will seek to identify areas where existing arrangements could be improved. The review consolidates a number of separate reviews already planned or being carried out. It will build on the work of the Financial Intermediaries task force and consider the recommendations of the Law Commission report on life insurance.

"Effective regulation is key to maintaining confidence in, and promoting, a sound and efficient financial sector. Providers, products, services, markets and the needs of consumers change over time and it is important that the regulatory environment evolves to accommodate that change. This review is designed to help ensure that the regulatory environment remains robust and responsive to the market's needs,” says Minister of Commerce Pete Hodgson.

The review will also look at how New Zealand’s non-bank regulation takes account of international developments and any appropriate coordination opportunities with Australia.

The Ministry of Economic Development will lead the review, taking an open and consultative approach and encouraging participation by the financial sector.

Treasury will lead concurrent work on the how the regulatory regime can best be administered, including whether any changes to the existing domestic regulatory bodies are needed.

Policy decisions on the review are anticipated towards the end of 2006 with any changes implemented through legislation in 2008.

ENDS

© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 

Mycoplasma Bovis: More Properties Positive

One of the latest infected properties is in the Hastings district, the other three are within a farming enterprise in Winton. The suspect property is near Ashburton. More>>

ALSO:

Manawatū Gorge Alternative: More Work Needed To Choose Route

“We are currently working closely and in partnership with local councils and other stakeholders to make the right long-term decision. It’s vital we have strong support on the new route as it will represent a very significant long-term investment and it will need to serve the region and the country for decades to come.” More>>

ALSO:

RBNZ: Super Fund Chief To Be New Reserve Bank Governor

Adrian Orr has been appointed as Reserve Bank Governor effective from 27 March 2018, Finance Minister Grant Robertson says. More>>

ALSO:

ScoopPro: Helping PR Professionals Get More Out Of Scoop

Scoop.co.nz has been a fixture of New Zealand’s news and Public Relations infrastructure for over 18 years. However, without the financial assistance of those using Scoop in a professional context in key sectors such as Public Relations and media, Scoop will not be able to continue this service... More>>

Insurance: 2017 Worst Year On Record For Weather-Related Losses

The Insurance Council of New Zealand (ICNZ) announced today that 2017 has been the most expensive year on record for weather-related losses, with a total insured-losses value of more than $242 million. More>>

ALSO: