27 February 2013

Media Statement

Drive to complete capital markets overhaul

Commerce Minister Craig Foss says the Government is progressing a comprehensive set of reforms this year to restore investor confidence and encourage investment.

“From street corner loan sharks to large investment funds, the Government is rewriting the rules for the full spectrum of credit and investment law. This regulatory overhaul will help restore investor and consumer confidence.

“The Business Growth Agenda Building Capital Markets report released today outlines the Government’s plan to ensure investors are better informed and offered better protections. The rules are being made clearer and those who break the rules will be held to account.

“In the coming months we intend to pass the Financial Markets Conduct Bill which will result in a total rewrite of securities law. Consumer credit reforms will be introduced and simplified disclosure requirements for KiwiSaver providers will be released.

“The Government has established the Financial Markets Authority, regulated financial service providers and introduced licensing and monitoring of trustees,” says Mr Foss.

Mr Foss says improved financial literacy is an important step in building confidence in capital markets.

“Regulations are just one part of the equation. Along with better rules and protections, we need to improve financial literacy so consumers and investors can make informed judgements and decisions on the use and management of their money,” says Mr Foss.

The report is available at www.mbie.govt.nz/bga

ends

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Gordon Campbell: On Failures Of Care For Those With Mental Disabilities

Hard to imagine a more disturbing insight into the treatment of the vulnerable than the Health Ministry report on Te Roopu Taurima o Manukau. The Ministry has found that the country’s only kaupapa Maori intellectual disability residential care provider has been “seriously dysfunctional.”

The ministry says the business has failed to recruit and retain quality staff – and says the kaimahi (caregivers) that have been employed are seriously unsuitable for the job, lacking basic knowledge. But Te Roopu Taurima o Manukau doesn’t get all the blame. The report says there’s a significant gap under disability laws to ensure there’s oversight by qualified clinical professionals. More>>