Parliament

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 Budget

It may seem like Oliver to be so bold as to ask the Finance Minister for more gruel – but what the Dickens, Steven Joyce… is this Budget really as good as it gets?

Supposedly, the public was going to receive significant rewards – an election year lolly scramble no less – for the eight years of belt tightening that they’ve endured, and for the rundown of essential public services.

Well, what Budget 2017 delivered instead in Education and in Health were allocations barely sufficient to maintain the current levels of service delivery More>>

Scoop Full Coverage: of Budget Announcements & Reaction
Latest: Scoop Search

 
 

Carer Settlement: Threat Of Staff Exodus In Mental Health

As a result of the recent pay rise awarded to their aged care and disability sector colleagues, many staff in non-government mental health and addiction organisations are considering leaving to join these workforces. More>>

ALSO:

Climate Policy: New Zealand Set To Blow Its Carbon Budget By 27%

The Government’s Greenhouse Gas Inventory shows New Zealand is set to release 647.5 million tonnes of carbon emissions between 2013 and 2020 – 137 million tonnes more than we are allowed under the Kyoto Protocol. More>>

ALSO:

Earlier:

Christchurch Considers Cathedral, Stadium: Cathedral Working Group Report Released

“About half of Christchurch wants to see the cathedral reinstated, the other half wants something new and more modern, but really, everyone just needs a decision." More>>

ALSO:

Auditor-General Stands Down For Investigation: Gordon Campbell On (Not) Taking Responsibility

So Martin Matthews, our current Auditor-General wishes he could have detected “earlier” the fraud that occurred on his watch at the Ministry of Transport. Hmmm. But he could have detected it earlier, surely? That’s the point. More>>

ALSO:

NGOs Pleased: Govt To Halt Collection Of Client Data

Brenda Pilott, the chair of ComVoices and national manager of Social Service Providers Aotearoa, congratulates the government on its decision to call a halt to the collection of individual client data until the concerns of not-for-profit service providers have been worked through. More>>

ALSO:

Gosh: Blasphemy Law Repeal Struck Down

Chris Hipkins, the MP who tabled a Supplementary Order Paper to add our Blasphemy Law to the Statutes Repeal Bill, said this was a "sad day for freedom of speech, tolerance, and leadership". More>>

ALSO:

 
 
 
 

Opening The Election Supporters

 

LATEST HEADLINES

  • PARLIAMENT
  • POLITICS
  • REGIONAL
 
 

Featured InfoPages

Opening the Election