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‘No slow down’ on adviser rules: Dalziel

The Minister of Commerce says it is still her intention to pass the Financial Advisers Bill before the election, and Good Returns understands the bill has been given a higher priority.

Thursday, August 28th 2008, 7:14AM
The bill, which provides a framework for regulation of financial advisers should be passed as soon as possible so that officials and the Securities Commission can get on with the job of consulting with industry on the nuts and bolts of how the regulation will work in practice, Commerce Minister Lianne Dalziel says.

The bill, Good Returns understands, has been pushed up Parliament's order paper from position 22 to number five.

Dalziel has rejected calls from some industry representatives, including the IFA and PAA, to slow down the passage of the bill.

"For every call for restraint from the sector there are dozens of investor voices clamouring for changes to be made and the sooner the better," Dalziel says.

"Everything we do is too late for those who have already lost money, but the longer it takes the law to pass, the greater the timetable for implementation and the longer the wait for confidence to be restored to the sector."

She says that until the bill is passed, the Securities Commission has no legal mandate to start the detailed work on the form and structure of the new model.

The Select Committee has issued a second interim report proposing the establishment of a Commissioner of Financial Advisers who would be a member of the Securities Commission and who would work with industry to develop a code of practice and establish a disciplinary body.

"I believe the Securities Commission must be mandated to start the process for developing the requirements for (financial adviser) authorisation," Dalziel says.

“That is why I think we should pass it before the election if we can. Officials can then make good use of the next few months to consult with industry on the practicalities and the all-important detail. I don't think we should waste up to six months if we can avoid it.”

« MARAC Finance reinvestment rate risesSovereign takes regulation bull by the horns »

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Lender Flt 1yr 2yr 3yr
AIA - Back My Build 6.19 - - -
AIA - Go Home Loans 8.74 7.24 6.79 6.65
ANZ 8.64 7.84 7.39 7.25
ANZ Blueprint to Build 7.39 - - -
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China Construction Bank - 7.09 6.75 6.49
China Construction Bank Special - - - -
Co-operative Bank - First Home Special - 7.04 - -
Co-operative Bank - Owner Occ 8.40 7.24 6.79 6.65
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Co-operative Bank - Standard 8.40 7.74 7.29 7.15
Credit Union Auckland 7.70 - - -
First Credit Union Special - 7.45 7.35 -
First Credit Union Standard 8.50 7.99 7.85 -
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Heartland Bank - Reverse Mortgage - - - -
Heretaunga Building Society 8.90 7.60 7.40 -
HSBC Premier 8.59 - - -
HSBC Premier LVR > 80% - - - -
HSBC Special - - - -
ICBC 7.85 7.05 6.75 6.59
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Kainga Ora - First Home Buyer Special - - - -
Kiwibank 8.50 8.25 7.79 7.55
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Resimac - LVR < 90% 9.84 ▼9.09 ▼8.59 ▼8.29
Resimac - Specialist Clear (Alt Doc) - - 8.99 -
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Median 8.64 7.29 7.32 6.65

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