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

 


Regulation of financial services promotes greater choice

Regulation of financial services promotes greater choice and boosts productivity


The Financial Markets Authority (FMA) CEO Rob Everett has called on business to support New Zealand’s new regulatory regime - in financial services and in business generally - so that New Zealand enjoys more sustained, stronger economic growth.

Mr Everett told Trans-Tasman business leaders, at a session in Auckland today, that the New Zealand economy was recovering steadily from the post-GFC recession. He also noted the important role the regulator plays in contributing to the government’s priorities to build a more productive economy.

The FMA’s role in the growth agenda is to help promote fair, efficient and transparent markets and encourage informed participation in the markets. “Where people have confidence in the markets and trust in the conduct of finance industry professionals they are far more likely to participate and invest in productive assets,” said Mr Everett.

But he urged businesses not to forget the lessons of the pre-2008 boom in New Zealand, including the collapse of the so-called finance companies and the losses suffered by individual investors and the economy. These losses – among other factors - demanded a major overhaul of the legislation governing financial markets and service providers.

He said many of the provisions in the newly-revised and comprehensive regulatory regime - including the Financial Markets Conduct Act 2013 – were designed to ensure the benefits of an improving economy were directed into more productive uses.

“The FMA is not only tasked with monitoring compliance, enforcing rules and punishing wrongdoing, we have a big job in helping to expand New Zealand capital markets.”

Mr Everett said he didn’t accept arguments that regulation necessarily reduced productivity or profitability.

“The regulations that are coming into effect throughout 2014 are designed to promote greater protection for investors and consumers, and also to provide greater choice and opportunity for investors and businesses. We want to work together with the industry and businesses to help rebalance the economy in favour of productive investments and commercial enterprise.”

Full Speech available here

Ends

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Keep Digging: Seabed Ironsands Miner TransTasman Tries Again

The first company to attempt to gain a resource consent to mine ironsands from the ocean floor in New Zealand's Exclusive Economic Zone has lodged a new application containing fresh scientific and other evidence it hopes will persuade regulators after their initial application was turned down in 2014. More>>

Wool Pulled: Duvets Sold As ‘Premium Alpaca’ Mostly Sheep’s Wool

Rotorua business Budge Collection Limited (Budge) and sole director, Sun Dong Kim, were convicted and fined a total of $71,250 in Auckland District Court after each pleading guilty to four charges of misrepresenting how much alpaca fibre was in their duvets. More>>

Reserve Bank: Labour Calls For Monetary Policy To Expand Goals

Labour's comments follow a speech today by RBNZ governor Graeme Wheeler in which Wheeler sought to answer critics who variously say he should stop lowering interest rates, lower them faster, or that inflation-targeting should no longer be the primary goal of the central bank's activities. More>>

ALSO:

BSA Extension And Sunday Morning Ads: Digital Convergence Bill Captures Online Content

Broadcasting Minister Amy Adams has today announced the Government’s plans to update the Broadcasting Act to better reflect today’s converged market... The Government considered four areas as part of its review into content regulation: classification requirements, advertising restrictions, election programming and contestable funding. More>>

ALSO:

March 2017: Commerce Commission Delays Decision On Fairfax-NZME

The Commerce Commission has delayed its decision on the proposed merger between NZME and Fairfax Media's New Zealand assets, saying the deal is complex and it needs more time to assess the impact on both news content and the advertising market. More>>

ALSO:

Plan Plan: Permanent Independent Hearings Panel Proposed For Planning

The Productivity Commission recommends creating a permanent independent hearings panel like the one that cut through local politics to settle Auckland’s Unitary Plan, for the whole country. More>>

ALSO:

Statistics: NZ Jobless Rate Falls To 5.1% Under New Methodology

New Zealand's unemployment rate fell more than expected in the second quarter as Statistics New Zealand adopted a new way of measuring the labour market to bring the country in line with international practices, and while a growing economy continued to support jobs growth. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news