No need for Royal Commission
Finance Minister Grant Robertson says there is no need for a Royal Commission in New Zealand.
Friday, September 13th 2019, 4:25PM
While NZ First and the Greens have advocated for a commission similar to the one run in Australia, it was not Labour’s policy, he said.
His view was that the Reserve Bank and Financial Markets Authority had done reviews of banks and insurers in New Zealand and no systemic problems where found.
“All that would do is delay us to taking action,” he said.
Financial institutions need to get on and make changes following the regulators’ reports.
He said meaningful change, needs to happen and smart regulation will help lift confidence
Robertson said he was not going to blame anyone for failings in the financial services sector.
However, he made it clear institutions need to “rebuild their social licences.”
“In most cases it's not your fault.”
Robertson also reminded delegates that submissions on the review of default KiwiSaver funds closes in a week’s time.
He said that the government was keen to see New Zealand’s capital markets deepen.
| « Strong response expected to KiwiSaver default review: Govt | Mann on a mission to diversify financial advice » |
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