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

 


Financial service provider regime improved

1 July 2014

Financial service provider regime improved

Commerce and Consumer Affairs Minister Craig Foss today welcomed a range of new measures to strengthen the financial service provider registration and dispute resolution regime.

“We have made improvements to the financial service provider registration rules and introduced new powers to allow the Financial Markets Authority (FMA) to block the registration of financial service providers if needed,” Mr Foss says.

“The registration changes will help prevent misuse of the register by dodgy individuals trying to exploit New Zealand’s good name.

“Dispute resolution schemes already play an important role in resolving complaints against financial service providers, at no cost to the consumer. These changes will ensure a wider range of complaints can be considered by dispute resolution schemes, including matters relating to the upcoming credit reforms.

“The schemes can now also share information about systematic breaches of credit law with the Commerce Commission.”

Changes coming into force today include:

• Providing the FMA with the ability to block the registration of a financial service provider if that registration would create a misleading impression of its services.

• Disqualifying from registration anyone with overseas criminal convictions for theft, fraud or money laundering in last five years.

• Disestablishing the reserve dispute resolution scheme - it is no longer required as there are a range of other schemes covering all types of financial service providers.

• Ensuring the dispute resolution schemes have sufficient jurisdiction over disputes relating to the upcoming credit reforms.

For more information on financial dispute resolution schemes, visithttp://www.consumeraffairs.govt.nz/for-consumers/how-to-complain/financial-service-providers-disputes-resolution/financial-service-providers-disputes-resolution

ends

© Scoop Media

 
 
 
 
 
Parliament Headlines | Politics Headlines | Regional Headlines

 

PARLIAMENT TODAY:

Royals: The Prince Of Wales And Duchess Of Cornwall To Visit

Prime Minister John Key welcomes today’s announcement that the Prince of Wales and The Duchess of Cornwall will visit New Zealand in November. This will be the second joint visit for Their Royal Highnesses to New Zealand. More>>

ALSO:

Tracey Martin Replaced: Ron Mark Is New New Zealand First Deputy Leader

Clayton Mitchell was the successful candidate for the Associate Whip position. Winston Peters was re-elected as Leader by the Caucus. Ron Mark was elected as the Deputy Leader with effect from 10am, Friday, 3rd July. More>>

ALSO:

Rebuild Rebrand: "Regenerate Christchurch" To Replace CERA

The regeneration of Christchurch will be the city’s focus for the next five years as local leadership progressively takes control of the rebuild, Canterbury Earthquake Recovery Minister Gerry Brownlee says. More>>

ALSO:

Nauru: Scholars Urge Minister To Act On Deteriorating Democracy

“Since the 2013 election in Nauru, there has been a series of disturbing developments on the islands that indicate a severe deterioration in the state of its parliamentary democracy and in the rule of law,” say the scholars. More>>

ALSO:

Foreign Affairs: NZ Begins Presidency Of UN Security Council

Prime Minister John Key has welcomed the start of New Zealand’s month-long Presidency of the United Nations Security Council in New York. More>>

ALSO:

Labour: Cash For Charter Schools, Mould For State Schools

“Recently released financial statements show the Whangarei charter school He Puna Marama received $3.9 million in government funding to the end of last year. Yet their audited accounts show they only spent $1.4 million on education, leaving almost $2.5 million over two years unaccounted for." More>>

ALSO:

Kiwirail Plans Shift From Electric: National Urged Not To Take Backwards Step

The National Government shouldn’t drag New Zealand backwards by replacing its climate friendly electric trains with carbon-polluting diesel trains, the Green Party said today. More>>

ALSO:

Capital Connection:

Get More From Scoop

 

LATEST HEADLINES

 
 
 
 
 
 
 
 
 
Parliament
Search Scoop  
 
 
Powered by Vodafone
NZ independent news