Parliament

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

 

Financial Intermediaries Discussion Paper Released

4 July 2006

Financial Intermediaries Discussion Paper Released

Commerce Minister Lianne Dalziel today released a discussion paper on the co-regulatory model proposed for financial intermediaries.

"This is the next step in the review of financial intermediaries, which, together with the Review of Financial Products and Providers, will result in a quality regulatory framework for the financial sector," Lianne Dalziel said.

In December 2005, Cabinet agreed in principle to the adoption of a co-regulatory model on the basis that:

· industry has the experience to suggest to government the skills and practices a good adviser should have, and what a consumer should expect;

· government oversight reduces the risk of inconsistencies across industry practice in the co-regulatory model, so that no one sector is disadvantaged; and

· consumers rely on intermediaries to provide them with the information they need to make good financial decisions.

Feedback is being sought on:

· who is a "financial intermediary", what are the different levels of "financial intermediary", what is "financial advice" and what is a "financial product"?;

· the conduct and disclosure standards for financial intermediaries; and

· the co-regulatory model, including the powers of the Securities Commission, the powers of the Minister, the powers and rules of the "approved professional bodies"

"I appreciate the contribution industry has made to the development of the discussion paper and their concerns around costs have been clearly noted. By applying quality regulation principles, the resulting regulatory framework will meets its objectives without imposing unnecessary costs," said Lianne Dalziel.

Copies of the discussion paper can be downloaded from www.med.govt.nz or email financialadvisers@med.govt.nz for a hardcopy. Submissions close on 1 September 2006 and final policy decisions will be presented to Cabinet in late 2006.

ENDS


© Scoop Media

 
 
 
Parliament Headlines | Politics Headlines | Regional Headlines

Decision Day: Peters Chooses Labour

Winston Peters says he will form a Government in coalition with Labour and the Greens giving confidence and supply.

Peters said he had been offered the position of Deputy Prime Minister and a number of other ministerial posts would go to his colleagues

He said economic and monetary policy changes were needed to face a coming economic downturn.>>>More

Reaction

Labour on its agreement |Peters: Post-Election Announcement Speech | Greenpeace “cautiously hopeful” about new Government | ACT - Madman on the loose | E tū ecstatic | Chamber welcomes the outcome

 

Climate: Increasing Greenhouse Emissions Hit NZ

New Zealand is seeing impacts of excess greenhouse gas emissions in our climate and oceans, according to the latest national report from the Ministry for the Environment and Stats NZ about the state of the atmosphere and climate…More>>

ALSO:


Wellington.Scoop: Arrests At Blockade Of "Weapons Expo"

“We encourage people in Wellington to get down to the Westpac Stadium now for a day of awesome peace action. There will be plenty of food, music and activities to keep us sustained through the day.” More>>

ALSO:

Rorschach Restructuring: PSA Taking Inland Revenue To Court Over Psychometrics

The Public Service Association will be seeing Inland Revenue in Employment Court over its intention to psychometrically test employees reapplying for their roles at the department as part of its controversial Business Transformation restructuring plan. More>>

ALSO:

Nuclear Disarmament: Nobel Peace Prize 2017 Awarded To ICAN

Congratulations from iCAN Aotearoa New Zealand to international iCAN, the other iCAN national campaigns and partner organisations, and the countless organisations and individuals who have worked so hard for a nuclear weapons-free world since 1945. More>>

ALSO:

Expenses: Waikato DHB CEO Resigns

An independent inquiry has identified that Dr Murray had spent more than the agreed $25K allocated for relocation costs, and other unauthorized expenses involving potential financial breaches of the chief executive’s obligations. More>>

ALSO:

Wellington.Scoop: Sad About The Trolley Buses?

The Regional Council’s MetLink is today spending money to tell us that it really loves Wellington’s trolley buses, even though they’re all being taken off our roads by the end of this month. More>>

ALSO:

Post-Election: Preliminary Coalition Talks Begin

New Zealand First will hold post-election preliminary discussions in Wellington with the National Party tomorrow morning and the Labour Party tomorrow afternoon. More>>

 
 
 
 
 

LATEST HEADLINES

  • PARLIAMENT
  • POLITICS
  • REGIONAL
 
 

Featured InfoPages

Opening the Election