11. CHARLES CHAUVEL (Labour) Link to this
to the Minister of Commerce
What steps has she taken to enhance confidence in New Zealand’s financial institutions and promote business innovation?
Hon LIANNE DALZIEL (Minister of Commerce) Link to this
Today I released nine discussion documents as part of the review of financial products and providers. The review is designed to develop effective and consistent frameworks for the non-bank financial sector. I would like to take this opportunity to thank the different parts of the sector that engaged so positively with the Government on developing these options and that have warmly welcomed the release of these documents today.
Hon LIANNE DALZIEL Link to this
That is an excellent question. This review supports the economic transformation agenda by updating outdated legislation, reducing compliance costs for business, making regulation more effective, and improving consumer protection. This is just another example of the Labour-led Government getting on with business and ensuring the environment for business growth is the best it can be.
R Doug WoolertonIs the Minister concerned that with nearly all our banks now owned by Australian interests her review will make it easier for Australian interests to now dominate the non-banking financial sector, as well?
Hon LIANNE DALZIEL Link to this
No. The work on this review commenced in May last year and has engaged with all elements of the sectors involved in the discussion documents. Changes are proposed in these documents that may assist in improving disclosure to uninformed investors of the real risks they face when investing in products on the strength of a familiar face on TV rather than quality advice.