Gordon Campbell | Parliament TV | Parliament Today | Video | Questions Of the Day | Search


Financial Intermediaries Taskforce report welcomed

4 August 2005

Financial Intermediaries Taskforce report welcomed

Commerce Minister Pete Hodgson today welcomed the report of the Financial Intermediaries Task Force.

“The Task Force has done an excellent job. It has produced a very comprehensive report,” says Pete Hodgson. “I would like to thank its members for their thorough examination of the issues. They have made many sensible recommendations."

The government's goal is to develop a regime that is efficient, cost effective for the industry and which provides appropriate protection for investors. The Task Force recommends the development of a co-regulatory model and has acknowledged a good deal of detailed design work on that model has yet to be done. This will take time.

“It is clear from the Task Force’s work that there is a desire for change in the industry. The government wants to keep that momentum and consensus for change going."

Government will work closely with industry and consumers' representatives on the changes. It is anticipated that some policy options will be ready later this year, detailed work on the regulatory framework completed by the middle of 2006, with the normal legislative process to follow.

Due consideration will be given to the work programme of the Review of Financial Products and Providers whilst changes are developed for the regulation of financial intermediaries. The two work streams will run concurrently. One will not delay the other.


© Scoop Media

Parliament Headlines | Politics Headlines | Regional Headlines


Wellington: Predator Free Capital Plan

Wellington City Council (WCC), the Greater Wellington Regional Council (GWRC) and NEXT Foundation, today announced a joint collaboration to make Wellington the first Predator Free capital city in the world. More>>


Gordon Campbell: On Judith Collins’ Efforts At Self Correction

Thousands of prisoners currently in prison may be entitled to an earlier release than expected – and compensation – because Corrections has incorrectly calculated their term of imprisonment. Unless of course, the government buries its mistakes by changing the law and retro-actively getting itself off the hook… More>>


More Justice & Corrections

Sector Opposes Bill: Local Government Bill Timeframe Extended

The Minister of Local Government Peseta Sam Lotu-Iiga has asked the Select Committee to extend the report back date for the Local Government Act 2002 Amendment Bill (No 2). More>>


Breed Laws Don’t Work: Vets On New National Dog Control Plan

It is pleasing therefore to see Louise Upston Associate Minister for Local Government calling for a comprehensive solution... However, relying on breed specific laws to manage dog aggression will not work. More>>


Not Waiting On Select Committee: Green Party Releases Medically-Assisted Dying Policy

“Adults with a terminal illness should have the right to choose a medically assisted death,” Green Party health spokesperson Kevin Hague said. “The Green Party does not support extending assisted dying to people who aren't terminally ill because we can’t be confident that this won't further marginalise the lives of people with disabilities." More>>


General Election Review: Changes To Electoral Act Introduced

More effective systems in polling places and earlier counting of advanced votes are on their way through proposed changes to our electoral laws, Justice Minister Amy Adams says. More>>

Get More From Scoop



Search Scoop  
Powered by Vodafone
NZ independent news