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

 


Improved access to advice for credit union members


Hon Craig Foss
Minister of Commerce

26 February 2013 Media Statement
Improved access to advice for credit union members

Commerce Minister Craig Foss today announced the re-categorisation of low-risk credit union savings products, in a move to cut regulation and improve consumer access to financial advice.

“The current categorisation of certain low-risk credit union savings products imposes stricter regulation and unnecessary costs when providing personalised advice. These costs can restrict consumer access to advice on these products.

“The change in category will allow all financial advisers to give advice on certain credit union non-call savings products and term deposits, in line with their relatively low level of complexity and risk,” says Mr Foss.

The changes are expected to come into force in the first half of this year, through regulations made under the Financial Advisers Act 2008.

“These changes are part of a government focus on making sure that levels of regulation are appropriate and consistent.

“It will improve credit union members’ access to financial advice and encourage them to improve their levels of savings and investment,” says Mr Foss.

________________________________________


© Scoop Media

 
 
 
 
 
Parliament Headlines | Politics Headlines | Regional Headlines

 

Post Cab Presser: Inquiries And Consciences

This afternoon the Prime Minister John Key announced that his cabinet had drafted terms of reference for the Havelock North water contamination inquiry... In response to questions on the Shop Trading Hours Amendment Bill, the Prime Minister said he didn't think allowing National MPs a conscience vote was warranted. More>>

ALSO:

Statistics, Homelessness, Privacy: Auckland City Mission Data Joins Govt Research Database

For the first time, data from an agency outside government, Auckland City Mission, will be included in Statistics New Zealand’s vault of information for researchers. Data from the Auckland City Mission is going into the “Integrated Data Infrastructure” or IDI. More>>

Gordon Campbell: On The Waning Fever For The Olympics

According to the spin merchants and others with an interest in whipping up an audience, these have been our most successful Olympics ever. Huzzah! Yet given that the public spent more money to send our biggest team… you could say our haul in Rio cost more per medal and fewer were earned per athlete than ever before. More>>

ALSO:

Prisons: Corrections Relocates Offender From Maungaraki

The relocation of this offender became necessary as our service provider’s staff had became increasingly uncomfortable with the community’s reaction to their presence. Because of this, the service provider regrettably terminated its contract early. More>>

ALSO:

The Nation: Lisa Owen Interviews Lawrence Yule & Mike Joy

Yule concedes council could have done better job of alerting public… Massey University’s Mike Joy says central government has been “out of the room” when it comes to dealing with dairy intensification and the potential impact on nation’s water quality. More>>

ALSO:

Gordon Campbell: On Chinese Steel Dumping, And The 60s Revival

Guess who isn’t taking any visible action to ensure New Zealand isn’t damaged by China dumping its state-subsidized steel glut cheaply here? More>>

ALSO:

Vietnam:

Rangiriri Pa: Historic Pa And Redoubt Returned To Waikato-Tainui

The historic site of one of the largest battles of the New Zealand Wars has been returned to iwi ownership as part of the 10th anniversary Koroneihana celebrations for Kiingi Tuheitia. More>>

ALSO:

Get More From Scoop

 

LATEST HEADLINES

 
 
 
 
 
 
 
 
 
Parliament
Search Scoop  
 
 
Powered by Vodafone
NZ independent news