New levy a price worth paying say Trustees

Trustee Corporations Association of New Zealand inc

Media Statement – for immediate release – Friday 8 June 2012

New levy a price worth paying say Trustees

The Trustee Corporations Association (TCA) says the new tiered Financial Markets Authority levy, announced this week, is set at the right levels.

The TCA represents the country’s Corporate Trustees – Guardian Trust, the Maori Trustee, Perpetual Trust, Public Trust and Trustees Executors. Covenant is an associate member.

Collectively they are responsible for supervising over $170 billion worth of securities, including KiwiSaver, unit and superannuation trusts, group investment funds, debt securities, capital market issues and retirement villages.

“In our sector, the new Trustee licensing and supervision regime is the regulatory backbone. While it does come at a cost, it’s a price worth paying for the added comfort it provides investors,” says the TCA Chairman, Clynton Hardy.

The new levy will apply from 1 August 2012.

ENDS

© Scoop Media