Govt ignores its own rules: Lee
He said the regulation of the financial advice sector was meant to focus on giving consumers the right advice for their situations and making sure they got it from qualified people. About 18,000 people had left the industry and there were fewer than 2000 advisers left. “They put us through all these hoops.”
But he said Mighty River Power sales process had run contrary to all those ideals.
“It’s completely inappropriate to have a campaign saying ‘get on board’. It isn’t appropriate for everyone to buy shares in Mighty River Power.”
Lee said he had heard from people who were using their credit cards to buy shares. Others had said they would take out a loan of $20,000 to grab their slice.
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