Parliament

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

Gordon Campbell: On Labour’s Policy Resurgence, And Alex Chilton

For much of this year, almost all the diversity in politics has been down at the retail end, where apparent differences reside in the tone, and in details. Up at the wholesale end – in the economic settings that drive the engine of politics – the story has been of convergence, exemplified by Labour and the Greens signing up to the Budget Responsibility Rules...

However, and only three months out from the election, there is finally some genuine good news. Twice this week, Labour has released policy that has well and truly gotten up the nose of the sort of lobby groups that it has spent most of 2017 trying to cultivate. More>>

 

Right In The Thiels: Just 12 Days In NZ Before Citizenship

DIA have received advice from the Ombudsman that a detail originally redacted from the citizenship file of Peter Thiel released in January for privacy reasons should be made available by 27 July. More>>

ALSO:

Domestic Violence And Teachers: Members’ Bills Ballot

The ballot was held, and resulted in the following bills being drawn:
54 Sentencing (Domestic Violence) Amendment Bill - Hon Nanaia Mahuta
16 Education (Teaching Council of Aotearoa) Amendment Bill - Chris Hipkins More>>

ALSO:

Legislation: Point England Housing Bill Passed

The passage of the Point England Development Enabling Bill through Parliament this evening will benefit Auckland with additional housing, help resolve Ngāti Paoa’s Treaty claim and improve the local environment and recreation facilities, Building and Construction Minister Dr Nick Smith says. More>>

ALSO:

Cyberducation: Digital Curriculum Launch And Funding Package

Consultation on new digital technologies content for the New Zealand Curriculum and Te Marautanga o Aotearoa, the Māori-medium Curriculum, was launched today by Education Minister Nikki Kaye. More>>

ALSO:

PM's Press Conference: Red Socks And Secret Tapes

Prime Minister Bill English began his post-cabinet press conference by explaining how well the National Party's annual conference went. He also mentioned today's announcement of changes to the EQC disaster insurance legislation and wished Emirates Team New Zealand well in the America's Cup. More>>

Max Rashbrooke: On How To Make Government More Open

International surveys, while often complimentary, have also pinpointed major weaknesses: political donations are badly regulated, for instance, and appointments to government boards frequently go to those with strong political connections. More>>

 
 
 
 
 

LATEST HEADLINES

  • PARLIAMENT
  • POLITICS
  • REGIONAL
 
 

Featured InfoPages

Opening the Election
 
 
 
  • PublicAddress
  • Pundit
  • Kiwiblog