Improving the framework for businesses growth

A re-elected National Government will continue to improve New Zealand’s regulatory environment to ensure businesses can thrive and vulnerable consumers are better protected, Commerce and Consumer Affairs spokesman Craig Foss says.

“National is determined to ensure New Zealand businesses maintain their competitive advantage, and consumers benefit from competitive pricing through the continual modernisation and improvement of our commercial environment,” Mr Foss says.

“We will continue to reduce costs for businesses, including credit unions, by removing unnecessary reporting requirements and cutting red tape.

“Over the last three years we have put in place world-best financial market legislation that contributes to a lower cost of capital for New Zealanders, and improved the pathways and accountability for raising, monitoring and accessing that capital.

“We have also updated consumer law to target loan sharks and provide more protections for our vulnerable families.”

Mr Foss says National will pass the Accounting Infrastructure Reform Bill to make the accounting and audit industry more efficient and implement the Financial Markets Conduct Act.

“The Financial Markets Conduct Act is a key pillar in the Government’s Business Growth Agenda. It will introduce a new era of financial market regulation that ensure investors are better informed and offered better protections.

“Establishing a Single Economic Market with Australia remains a priority to enable businesses, consumers and investors to conduct operations across the Tasman in a seamless regulatory environment.

“National is also committed to reviewing the misuse of market power prohibition and exploring options for the overhaul of regulatory provisions that may no longer be necessary or working effectively.

“Getting the regulatory framework right is the key to driving competition and innovation in the marketplace as well as creating and supporting an environment where well-informed consumers can participate with confidence.

“We will continue to ensure New Zealand consumers, particularly our most vulnerable, are protected - no matter how they purchase goods and services.

“National will explore opportunities to promote financial literacy in schools and workplaces and continue to support the development of a Responsible Lending Code to provide guidance on how a responsible lender should behave,” Mr Foss says.

National’s Commerce and Consumer Affairs Policy is available at:http://ntnl.org.nz/1AKPyvN

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