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

 


Improving the financial service provider regime



Hon Craig Foss
Minister of Commerce
12 March 2013 Media Statement

Improving the financial service provider regime

Commerce Minister Craig Foss today announced Cabinet had agreed to strengthen the financial service providers registration regime.

“The regime makes information about providers available and ensures consumers have access to free dispute resolution services,” says Mr Foss.

The rules include new powers to investigate providers and prevent their registration, or remove them from the register.

“The proposed changes will further help prevent the misuse of the register by overseas entities trying to take advantage of New Zealand’s reputation.

“These measures will help maintain New Zealand’s reputation as a trusted place to do business and work towards achieving the Government’s Business Growth Agenda outcomes.

“They build on the government’s reforms to strengthen the company registration regime and improve anti-money laundering and anti-terrorist funding efforts,” says Mr Foss.

The changes will:

• Provide the FMA with the ability to direct the Registrar to decline registration or to de-register an FSP where the FMA is not satisfied that registration is necessary or desirable in light of the purposes of the Act.

• Extend the Registrar’s inspection powers to seek any information necessary to determine whether an FSP should be registered including whether an application should be referred to the FMA.

• Disqualify persons with overseas criminal convictions for theft, fraud or money laundering within the past five years from registration. Those with New Zealand criminal convictions are already disqualified.


________________________________________


© Scoop Media

 
 
 
 
 
Parliament Headlines | Politics Headlines | Regional Headlines

Gordon Campbell:
On The Last Rites For The TPP

The Trans Pacific Partnership trade deal is one of those litmus issues that has always had more to do with one’s place on the political spectrum than with any imminent reality.

To date, the Greens have opposed (a) a wide range of the leaked content of the TPP (b) the secretive way it has been negotiated and (c) the undemocratic way in which any final document would be ratified. Labour has shared some of those concerns, but while remaining generally supportive of the deal itself.

National has, for its part, been very enthusiastic about the TPP, while still giving assurances about Pharmac being protected... For the TPP’s friends and foes alike though, the end now seems nigh. More>>

 
 

Gordon Campbell: On The Farcical Elevation Of David Seymour

With the election won, it’s time to find jobs for the boy. David Seymour is the Act Party’s latest scrounger to be rewarded by the National Party, and not only with a seat in Parliament. More>>

ALSO:

As Key Mulls Joining ISIS Fighting: McCully Speech To UN Backs Security Council Bid

It is an honour to address you today on behalf of the Prime Minister and Government of New Zealand. Our General Election took place last week - our Prime Minister Rt Hon John Key is engaged in forming a government and that is why he is unable to be here in New York... More>>

ALSO:

Labour: Cunliffe Triggers Party Wide Leadership Contest

David Cunliffe has resigned as Labour Leader, but says he will seek re-election... If there is any contest the election will have to go through a process involving the party membership and union affiliates. More>>

ALSO:

Flyover Appeal: Progress And Certainty, Or Confusion And More Delays?

Lindsay Shelton: The Transport Agency, embarrassed by the rejection of its flyover alongside the Basin Reserve, says it’s appealing because the decision could “constrain progress.” Yet for most clear-sighted Wellingtonians a 300-metre-long concrete structure above Kent and Cambridge Terraces would in no way be seen as progress… More>>

ALSO:

Gordon Campbell: On Cunliffe’s Last Stand

Right now, embattled Labour leader David Cunliffe has three options. None of them are particularly attractive for him personally, or for the Labour Party... More>>

ALSO:

Key Seeking 'New Ideas': Look To Children’s Commissioner On Poverty - Greens

John Key should not reinvent the wheel when it comes to ideas for tackling child poverty, and instead look to the recommendations of the Children’s Commissioner’s Expert Group on Child Poverty, Green Party co-leader Metiria Turei says. More>>

ALSO:

'Safe To Re-Enter' - OIA Docs: Safety Is Absolute Priority At Pike River Mine

“We understand that the time it is taking to complete our evaluation of the risks is frustrating for the family members and we are trying to complete this work as quickly as we can,” Ms Dunphy says. “It is Solid Energy’s responsibility to make this decision and we will do so, once we have all the information required to make a fully-informed decision.” More>>

ALSO:

Get More From Scoop

 

LATEST HEADLINES

 
 
 
 
More RSS  RSS
 
 
 
 
Parliament
Search Scoop  
 
 
Powered by Vodafone
NZ independent news