Task force announced

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Commerce minister Margaret Wilson has announced the make-up of the taskforce to look at regulation of financial advisers. One of the features is the strong representation of the financial services industry.

Monday, November 8th 2004, 3:16PM

Commerce Minister Margaret Wilson has announced the members of the Task Force on Regulation of Financial Intermediaries.

The task force members are:

• Paul Hunt, Chief Executive Officer, Insurance and Operations, TOWER New Zealand
• Michael Webb (Chair), Barrister & former Securities Commission member
• John Cobb, Head of Retail at Goldman Sachs JBWere
• Angela Foulkes, Consultant specialising in financial and public sectors
• Raewyn Fox, Executive Officer, New Zealand Federation of Family Budgeting Service
• Ross Kent, General Manager, Alliance Capital Management
• Michele Stanton, Managing Director, Glaister Ennor Asset Management Ltd
• Peter Mumford, Director, Ministry of Economic Development (Government Official).

The task force has been established to help raise the standard of financial services and examine the regulation of financial advisers.

It is part of the government’s overall objective to enhance the integrity and effectiveness of New Zealand’s capital markets.

The task force will report to the government within six months. “I was extremely pleased with the high level of interest shown by those from across the financial services industry," Margaret Wilson said.

“The collective background of the working group includes: banking, consumer interests, equities broking, financial planning, insurance, investment advice, major financial corporates, public policy and knowledge of other jurisdictions including Australia. "I look forward to seeing the commencement of the Task Force’s work, which I expect to be very open and consultative.”

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