[GRTV] Faafoi responds to CWG criticism
The Financial Services Legislation Amendment Bill passed its first reading before Christmas, earlier than had been expected. Faafoi said he kept pressure on that process because he had heard from the industry how important it was that the bill’s progress continued.
He said, both in government and in opposition, he had heard from small financial advice players who were worried their perspective would be ignored as bigger providers were better able to lobby for their interests.
Faafoi said he had heard concerns that the code working group, developing the new code of conduct, was favouring the “big end of town”.
“My clear expectation was given to them at that first meeting that, along with the big players in the market who would serve the majority of consumers in the market, that small industry players who had voiced their concerns were to be consulted with as well, and that is still my expectation.”
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