MBIE Opens Consultation On Financial Services Reforms

The Ministry of Business, Innovation and Employment (MBIE) is seeking feedback on options for streamlining how banks and other financial service providers are regulated by the government.

“MBIE is inviting submissions on a package of discussion documents that aim to improve how financial services are provided to New Zealanders, and how disputes are resolved,” said Andrew Hume, General Manager Small Business, Commerce and Consumer Policy branch, MBIE.

MBIE is consulting on:

• possible changes to the Credit Contracts and Consumer Finance Act.
• changes to the systems and controls financial institutions need to have in place to support how they provide services to consumers, and how the Financial Markets Authority regulates the market.
• opportunities to improve the accessibility and effectiveness of the financial dispute resolution system.

“I encourage anyone interested in how financial service providers operate to have a say in this consultation. Your feedback will support MBIE to develop regulatory change that is fit for purpose, effective, and serves the best interest of New Zealanders,” said Andrew Hume.

The three discussion documents have been published on MBIE’s website. Submitters are welcome to address any sections in the consultation, and do not have to complete all sections. Submissions close 5pm on Wednesday 19 June 2024.

Further information is available on MBIE’s website: https://www.mbie.govt.nz/have-your-say/fit-for-purpose-financial-services-reform

Notes

This consultation package is part of phase two of the government’s financial services reforms, announced on 21 April 2024: https://www.mbie.govt.nz/about/news/government-announces-package-of-financial-services-reforms/

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