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Bill for adviser regulation presented

The government has, for the first time, put a cost on regulating the financial services industry and said how much of the bill it would pay.

Friday, May 23rd 2008, 6:42AM
In yesterday's Budget Finance Minister Michael Cullen provided $9 million over the next four years to speed up the introduction of new laws governing financial advisers in a bid to ramp up protection for investors.

Commerce Minister Lianne Dalziel provided more detail saying the government will spend $6.1 million of operating funding over the next four years and $2.9 million of capital funding for the implementation of new laws to improve the supervision of financial advisers and institutions.

Additional operating costs of $5.1 million and capital costs of $1.4 million will be paid for by the industry.

The funding will allow financial service providers to be registered and set up dispute resolution schemes, and will enable the Securities Commission to undertake a role in the licensing of financial advisers.

"The recent volatility in the financial sector highlights the importance of this new regulatory regime and we are providing the funding to do the job properly," Dalziel said.

Also the government has provided $7.8 million over the next four years for financial education in the workplace.

The funding will allow the continuation and further development of the Retirement Commission's Workplace Financial Education Programme, designed to inform KiwiSaver decision-making. The programme will include new information on: contribution continuation/holidays, fund portability, and investment education for new and existing members.

The Retirement Commission will provide workplaces with a wide range of financial education resources via its Sorted website.

Next month the commission will launch New Zealand's first National Strategy for Financial Literacy. The commission has joined forces with the financial and education sectors to develop the strategy to help New Zealanders become more financially savvy.

« Commission to pursue criminal charges against fin coysSovereign takes regulation bull by the horns »

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