[Weekly Wrap] Some questions for the regulators
My observation is that when I looked at the credentials of the new Commerce Minister, Paul Goldsmith, and his low ranking in Cabinet, it was easy to paint a picture that wasn't particularly bright. I've never met the guy, yet, but his background can be characterised as being history-orientated and writing books. Politically he is well on the right. While he hasn't got a background in commerce or financial services, the fact that he appears to support the less-government approach to politics suggests he maybe an ally in reducing some of the regulatory burden being placed on advisers.
However, it isn't often governments take that approach to things.
One of the first places he could start is DIMS. It is now acknowledged by regulators and the like that the new DIMS rules are an over-reaction to the David Ross case. It's also a case that knee-jerk regulation which is rushed into place is usually bad legislation.
From all reports the FMA will next week produce a guide to applying for a personalised DIMS licence. Maybe with a new minister, a pending FAA review, and acknowledgement the new DIMS rules are nearly unworkable the powers that be should start again on this issue.
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