‘No slow down’ on adviser rules: Dalziel
The Minister of Commerce says it is still her intention to pass the Financial Advisers Bill before the election, and Good Returns understands the bill has been given a higher priority.
Thursday, August 28th 2008, 7:14AM
The bill, Good Returns understands, has been pushed up Parliament's order paper from position 22 to number five.
Dalziel has rejected calls from some industry representatives, including the IFA and PAA, to slow down the passage of the bill.
"For every call for restraint from the sector there are dozens of investor voices clamouring for changes to be made and the sooner the better," Dalziel says.
"Everything we do is too late for those who have already lost money, but the longer it takes the law to pass, the greater the timetable for implementation and the longer the wait for confidence to be restored to the sector."
She says that until the bill is passed, the Securities Commission has no legal mandate to start the detailed work on the form and structure of the new model.
The Select Committee has issued a second interim report proposing the establishment of a Commissioner of Financial Advisers who would be a member of the Securities Commission and who would work with industry to develop a code of practice and establish a disciplinary body.
"I believe the Securities Commission must be mandated to start the process for developing the requirements for (financial adviser) authorisation," Dalziel says.
“That is why I think we should pass it before the election if we can. Officials can then make good use of the next few months to consult with industry on the practicalities and the all-important detail. I don't think we should waste up to six months if we can avoid it.”
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