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 The Mana-Maori Party Deal

If the self-interest involved wasn’t so blatant, the electorate deal between the Maori Party and Hone Harawira would be kind of poignant. It’s a bit like seeing the remaining members of Guns’n’Roses or the Eagles back on the road touring the nostalgia circuit… playing all the old hits of Maori unity and kaupapa Maori politics.

Can the two surviving Maori Party MPs (one electorate, one list) credibly work together with the old firebrand who split up the group years ago, and still hope to rekindle some of that same old magic? More>>

 

Immigration: Short Reprieve For Nine Indian Students

A temporary hold on deportations of nine Indian students is a step in the right direction but the Government urgently needs to implement safeguards to stop further injustices to more international students, the Green Party says. More>>

EARLIER:

Welfare: WINZ Breaching Privacy Laws With WINZ Vetting Rules

E tū, the union for security guards, says WINZ may be breaching privacy laws with its new screening process for people visiting WINZ offices. The vetting requires WINZ security guards to check photo ID and whether visitors to WINZ offices have an appointment.More>>

ALSO:

Turnbull Visit: Leaders’ Talks Cement Trade Relations, Science Agreement

Mr English met with Prime Minister Turnbull in Queenstown today to discuss common approaches to bilateral and international issues, including trade and science and innovation. Mr English also thanked Mr Turnbull for Australia’s offer of support for those fighting the fires on the Port Hills in Christchurch. More>>

ALSO:

Youth Guarantee: Upskilling Fund Used For Retraining

News that one in five of the people enrolling in Youth Guarantee already hold qualifications at the level they’re enrolling in highlights the failure of the scheme to reach the disengaged young people it was set up to assist, says Labour’s Education spokesperson Chris Hipkins. More>>

ALSO:

Port Hills Fire: Midday Update, Monday 20 February

• 9 homes destroyed
• 2 homes with partial damage. Damage includes things like cracked windows, heat damage.
• 3 properties with damage to other external structures e.g sheds or outbuildings More>>

ALSO:

Gordon Campbell: On What Trump May Mean For Us

So far not much effort has been put into tracing the possible implications for New Zealand of the stream of executive orders and tweets that have been pouring from the Oval Office. Unfortunately, we may not simply be drive-by rubberneckers at this car wreck for much longer. More>>

Get More From Scoop

 

LATEST HEADLINES

 
 
 
 
 
 
 
 
Parliament
Search Scoop  
 
 
Powered by Vodafone
NZ independent news