by Rob Hosking
Acting president Ross Butler says the FPIA’s board on Monday focussed on the implications of any changes the government makes to how the sector is regulated.
Recent meetings between the FPIA and Ministry of Economic Development officials suggest that the government – once we have one – is likely to kick off with implementing recommendations from the Task Force on Financial Intermediaries fairly promptly.
“It seems they would like to have a lot of the framework in place by the end of the year,” he told Good Returns.
One of the immediate tasks for the FPIA would be to become an approved professional body under the sort of regime advocated by the Task Force.
The FPIA’s board meeting this week had devoted a substantial amount of attention to this issue, says Butler.
“Whether we’re set up the right way at the moment or whether we need to make some changes isn’t yet clear though.”
The FPIA has, over recent years, devoted a considerable amount of work to developing a “co-regulatory” model.
That approach would involve financial intermediaries being registered to bodies such as the FPIA – and others – and having to meet certain educational standards.
Butler says it is clear from meetings with officials that earlier fears the Task Force report would be shelved for a year or two have turned out to be unfounded.
He also says a parallel review by the Ministry of Consumer Affairs, which looks at how “industry-led” regulatory models might work in all sectors of business, is likely to have a significant impact on whatever evolves for the financial services industry.
Rob Hosking is a Wellington-based freelance writer specialising in political, economic and IT related issues.
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