Notification from the Ministry of Economic Development
UPDATE:
Review of Financial Products and Providers
We are currently in the fourth stage of the review which involves
the Ministry, and other government departments involved in the
reviews, analysing the submissions received. This has been completed
and summaries of submissions on each discussion document are
available
on the MED website.
Following this analysis, officials have been preparing policy
recommendations for consideration by Cabinet. As indicated in
a recent announcement by the Minister of Commerce, due to the
size of the review, policy decisions (and subsequent legislation)
will now be done in two phases.
The first phase will include the following
areas of the review of financial products and providers:
- Registration of financial services providers;
- Consumer dispute resolution and redress;
- Supervision of trustees; and
- Non-bank deposit takers.
It will also include the outcomes of the
review of financial intermediaries.
We anticipate Cabinet decisions on policy recommendations
for the above areas in by the end of June 2007. This will
then enable drafting in the second half of 2007 with the intention
of introduction to the House in 2007/2008.
The second phase will include the following areas:
- Trustee powers for issuers of debt securities
and collective investment schemes;
- Insurance prudential regulation;
- Insurance market conduct regulation;
- Review of securities disclosure;
- Platforms and portfolio management services;
and
- Mutuals' governance.
We anticipate cabinet decisions on
these policy recommendations by the end of 2007. Following
drafting we anticipate introduction in mid to late 2008.
If you have any further queries or would like more information
about either of the reviews please feel free to contact us
at FPPReview@med.govt.nz.
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