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Power promises bipartisan approach to adviser regs

Commerce Minister Simon Power says the new government will stick with the recently passed adviser regulation laws rather than making big changes to them.

Wednesday, January 7th 2009, 7:33AM

by Rob Hosking

New Minister of Commerce Simon Power is promising a continuation of the bipartisan approach to financial adviser regulation.

He also wants to see the new laws brought in by the previous government settle in before making any changes.

“The financial intermediaries legislation is now bedding in, and its really important that it does that,” he says.

“It’s quite a big task, it’s quite a big industry, and it's facing uncertainty, like everyone else at the moment, only perhaps more so.”

The main task as minister right now in this area is getting the “institutional capacity” in the Securities Commission to enforce the new laws, with a new financial adviser commissioner to be appointed.

Power says Lianne Dalziel, his Labour Party predecessor in the Commerce job, took a bipartisan approach to financial industry regulation and he plans to continue that where possible.

“Lianne Dalziel was very good at involving me in the initial discussions and formation of the legislation. I think that was a valuable approach and although there’s still some ironing out to be done we got a pretty good piece of legislation out of that.”

Dalziel chairs Parliaments commerce select committee in the new Parliament.

Rob Hosking is a Wellington-based freelance writer specialising in political, economic and IT related issues.

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