The Wrap: Bill gets yes, PAA gets no
It was something of a surprise, given the bill was originally buried a long way down the parliamentary to-do list. Commerce and Consumer Affairs Minister Kris Faafoi had warned that there were other priorities for the government – health, housing and education, primarily.
But there it was on Thursday afternoon. Every MP who spoke was in favour of the bill, and both sides tried to claim credit for it.
Some advisers may take heart from comments from Faafoi and his colleague Michael Wood that highlighted they are aware of concerns that the new rules may be onerous for small businesses. Wood also said he had heard about worrying incentives offered by product providers to their salespeople.
In other news, the Financial Services Council suffered a financial blow as a result of the fallout from the MJW study on insurance commissions. Its annual report also highlighted that it is working through its plans to integrate with Workplace Savings NZ, which chief executive Richard Klipin also oversees, by mid next year.
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