The Securities Commission has recommended the Government should make significant changes to laws governing investment advisers, but it's not saying what it's proposing.
The commission yesterday presented its recommendations for 'significant change' to Commerce Minister Paul Swain.
"We believe our recommendations, if adopted by Government, will strengthen the integrity of the investment process in New Zealand and improve public confidence in the investment advisory industry," Securities Commission chairman Jane Diplock says.
She says the changes were made after it circulated a discussion document amongst the industry which attracted 40 submissions.
Diplock says that in general there was strong support for the reform proposals in the paper. The most important of these related to:
The commission's moves to improve laws relating to advisers has been welcomed by the Investment Savings and Insurance Association (ISI).
"Whilst we do not have the specific details of the commission’s report to the minister... we are supportive of moves by the commission to improve public confidence in the investment advisory industry," ISI chief executive Vance Arkinstall says.
"New Zealand is fortunate in the quality and expertise of its investment advisers – certainly those advising on managed funds, unit trust and superannuation products. Advisers in New Zealand by and large do an excellent job. None-the-less the industry constantly seeks improvements that strengthen the integrity of the investment advisory process and increases investor confidence."
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