tmmonline.nz  |   landlords.co.nz        About Good Returns  |  Advertise  |  Contact Us  |  Terms & Conditions  |  RSS Feeds

NZ's Financial Adviser News Centre

GR Logo
Last Article Uploaded: Tuesday, November 12th, 5:21PM

News

rss
Latest Headlines

Diplock heralds single Australasian advisory market

Jane Diplock, head of the Securities Commission, has called for the trans-Tasman harmonisation of financial adviser regulations between New Zealand and Australia.

Tuesday, May 5th 2009, 6:51AM

by David Chaplin

Diplock said, in a speech last week, that the mutual recognition of securites offerings (MRSO) agreement signed between New Zealand and Australia last year prefaced even greater co-operation between the two country's financial regulators.

"The mutual recognition of securities offerings underpins the strength of each country's regulatory regime and the co-operative relationship between the two nations," Diplock said. "But it doesn't end there. I believe that we should extend the concept of mutual recognition across the whole panoply of trans-Tasman financial services. An example of this would be in the regulation of financial advisers... We should follow this with mutual recognition of other financial services."

She said the similarity of regulatory regimes in Australia and New Zealand provided an "opportunity for trans-Tasman cooperation and enforcement".

In her speech Diplock said the Securities Commission is already working closely with its trans-Tasman counterpart, the Australian Securities and Investment Commission (ASIC) to establish homogenous capital markets rules "in the interests of a single economic market".

"The commissions hold two joint meetings annually and at the meeting in March decided that the focus of work for the next three years would include, amongst other things, an operational review of the MRSO and the establishment of a joint agency group towards the development of a regulatory framework for mutual recognition of advisers," she said.

"In fact, one of the strategic issues the Minister of Commerce Hon Simon Power has asked the Commission to turn its mind to, is building on the work of the trans-Tasman MRSO."

Diplock also told the audience that the current financial crisis had highlighted the need for greater co-operation between regulatory authorities at an international level which would result in a set of rules that "are definitely going to be significantly different from those of last century".

"It is my belief that a series of networked solutions will be developed and these solutions will require the cooperation of all major players in the global financial architecture as well as commitment at national jurisdictional level," she said.

 

« News round-upSovereign takes regulation bull by the horns »

Special Offers

Commenting is closed

 

print

Printable version  

print

Email to a friend
News Bites
Latest Comments
Subscribe Now

Weekly Wrap

Previous News
Most Commented On
Mortgage Rates Table

Full Rates Table | Compare Rates

Lender Flt 1yr 2yr 3yr
AIA - Back My Build 5.44 - - -
AIA - Go Home Loans 7.99 5.99 5.69 5.69
ANZ 7.89 6.59 6.29 6.29
ANZ Blueprint to Build 7.39 - - -
ANZ Good Energy - - - 1.00
ANZ Special - 5.99 5.69 5.69
ASB Bank 7.89 5.99 5.69 5.69
ASB Better Homes Top Up - - - 1.00
Avanti Finance 8.40 - - -
Basecorp Finance 9.60 - - -
BNZ - Classic - 5.99 5.69 5.69
Lender Flt 1yr 2yr 3yr
BNZ - Mortgage One 7.94 - - -
BNZ - Rapid Repay 7.94 - - -
BNZ - Std 7.94 5.99 5.69 5.69
BNZ - TotalMoney 7.94 - - -
CFML 321 Loans 6.20 - - -
CFML Home Loans 6.45 - - -
CFML Prime Loans 8.25 - - -
CFML Standard Loans 9.20 - - -
China Construction Bank - 7.09 6.75 6.49
China Construction Bank Special - - - -
Co-operative Bank - First Home Special - 5.79 - -
Lender Flt 1yr 2yr 3yr
Co-operative Bank - Owner Occ 7.65 5.99 5.75 5.69
Co-operative Bank - Standard 7.65 6.49 6.25 6.19
Credit Union Auckland 7.70 - - -
First Credit Union Special - 6.40 6.10 -
First Credit Union Standard 8.50 7.00 6.70 -
Heartland Bank - Online 7.49 5.65 5.55 5.55
Heartland Bank - Reverse Mortgage - - - -
Heretaunga Building Society 8.90 ▼6.75 ▼6.40 -
ICBC 7.49 5.99 5.65 5.59
Kainga Ora 8.39 7.05 6.59 6.49
Kainga Ora - First Home Buyer Special - - - -
Lender Flt 1yr 2yr 3yr
Kiwibank 7.75 6.89 6.59 6.49
Kiwibank - Offset 8.25 - - -
Kiwibank Special 7.75 5.99 5.69 5.69
Liberty 8.59 8.69 8.79 8.94
Nelson Building Society 8.44 5.95 6.09 -
Pepper Money Advantage 10.49 - - -
Pepper Money Easy 8.69 - - -
Pepper Money Essential 8.29 - - -
SBS Bank 7.99 6.95 6.29 6.29
SBS Bank Special - 6.15 5.69 5.69
SBS Construction lending for FHB - - - -
Lender Flt 1yr 2yr 3yr
SBS FirstHome Combo 5.44 5.15 - -
SBS FirstHome Combo - - - -
SBS Unwind reverse equity 9.75 - - -
TSB Bank 8.69 ▼6.49 6.49 6.49
TSB Special 7.89 ▼5.69 5.69 5.69
Unity 7.64 5.99 5.69 -
Unity First Home Buyer special - 5.49 - -
Wairarapa Building Society 8.10 ▼6.05 5.79 -
Westpac 8.39 6.89 6.39 6.39
Westpac Choices Everyday 8.49 - - -
Westpac Offset 8.39 - - -
Lender Flt 1yr 2yr 3yr
Westpac Special - 6.29 5.79 5.79
Median 7.99 6.02 5.79 5.69

Last updated: 8 November 2024 2:46pm

About Us  |  Advertise  |  Contact Us  |  Terms & Conditions  |  Privacy Policy  |  RSS Feeds  |  Letters  |  Archive  |  Toolbox  |  Disclaimer
 
Site by Web Developer and eyelovedesign.com