Sharechat Logo

Financial Advisers Act change 'huge news', says Bankers Association:

Friday 30th April 2010

Text too small?

The New Zealand Bankers Association is breathing huge sighs of relief that Commerce Minister Simon Power has heard industry complaints about the wide scope of the bill and the difficulty that the original deadlines presented for training finance industry staff for the new oversight regime.  

NZBA chief executive Sarah Mehrtens said Power's announcements to the INFINZ awards dinner in Auckland last night was "huge news".

"It's really good for the market," she said. "The six months extension (for training staff for the new regime) was absolutely necessary.  We're pleased to see he's listening and he's done it."

Select committee hearings on tidy-up legislation, the Financial Services Providers (Pre-Implementation Adjustments) Bill are due now to start on May 6, and Power has already indicated he expects a wide range of submissions on issues not specifically covered by the Bill but which also need adjustment to make the Financial Advisers Act work as intended.

One of the banking, legal and accounting world's biggest fears has been that the Act would impose onerous and unnecessary registration and qualification requirements on providers of financial advice to corporatioins, when the rules are aimed at improving protections and the quality of advice to unsophisticated retail investors.

 

 

Businesswire.co.nz



  General Finance Advertising    

Comments from our readers

No comments yet

Add your comment:
Your name:
Your email:
Not displayed to the public
Comment:
Comments to Sharechat go through an approval process. Comments which are defamatory, abusive or in some way deemed inappropriate will not be approved. It is allowable to use some form of non-de-plume for your name, however we recommend real email addresses are used. Comments from free email addresses such as Gmail, Yahoo, Hotmail, etc may not be approved.

Related News:

SML - Synlait Milk Limited - Trading Halt of Securities
AIA - Auckland Airport announces board chair changes
AIA - Auckland Airport announces board chair changes
CEN - Tauhara commissioning progress update
FPH initiates voluntary limited recall
March 28th Morning Report
KFL Celebrates 20 Years of Excellence in Investment Mgmt.
SVR - Savor FY24 Earnings Guidance & Change in Banking Partner
NZK - NZ King Salmon Investments Limited FY24 Results
March 27th Morning Report