Financial Intermediaries Taskforce Report Welcomed

The government's goal is to develop a regime that is efficient, cost effective for the industry and which provides appropriate protection for investors. The Task Force recommends the development of a co-regulatory model and has acknowledged a good deal of detailed design work on that model has yet to be done. This will take time.

"It is clear from the Task Force's work that there is a desire for change in the industry. The government wants to keep that momentum and consensus for change going."

Government will work closely with industry and consumers' representatives on the changes. It is anticipated that some policy options will be ready later this year, detailed work on the regulatory framework completed by the middle of 2006, with the normal legislative process to follow.

Due consideration will be given to the work programme of the Review of Financial Products and Providers whilst changes are developed for the regulation of financial intermediaries. The two work streams will run concurrently. One will not delay the other.

Media Statement from Hon Pete Hodgson, Minister of Commerce

Feature: Task Force Recommends Changes for Financial Advisers and Marketers
The Financial Intermediaries Task Force today released its final report with recommendations to the government for a package of measures designed to increase confidence for consumers in dealing with financial advisers and marketers. [more]

News: Task Force opts for Co-Regulation
New rules and a single disputes resolution body have been recommended by the government’s Task Force on Financial Intermediaries. [more]

View the Final Report
Confidence, Change and Opportunity: Final Report of the Task Force on Financial Intermediaries [981 KB PDF] [more]

What do you think?
Have your say at the ASSET Magazine forum at www.assetmagazine.co.nz. It’s easy to use, free and anyone can read the posts. [more]

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