Financial Advice New Zealand says politicians cast the net too broadly in defining regulated financial advice and wants Commerce Minister Kris Faafoi to draw a clear line in the sand to avoid capturing straight sales.
Commerce and Consumer Affairs Minister Kris Faafoi has put licensing insolvency practitioners back on the legislative agenda with a view for it to be it up and running next year.
The government is looking at ways to tighten money lending regulations, after a discussion paper recommended changes which could effectively shut down payday lending and limit unreasonable borrowing fees, aggressive debt collectors and predatory mobile traders.
Commerce and Consumer Affairs Minister Kris Faafoi is ready to wave the stick of regulation if payments service providers hike the fees they charge retailers, and warned he will do so if those charges increase again.
Donald Trump threatened to impose tariffs on US$200 billion of Chinese imports. China promised to retaliate. Trump said he would add another $200 billion if China did. The Kiwi dollar fell below 69 USc. David Parker agreed to exempt Singaporeans from the foreign buyers ban to allow the CPTPP to go ahead. Kris Faafoi announced plans to toughen rules on beneficial ownership and director identification. A major inquiry into a firm of private investigators used by Government agencies was launched.
The Reserve Bank gave the financial system a clean bill of health in its half-yearly Financial Stability Report today, but said it wanted to see subdued mortgage lending growth sustained before it further eased restrictions on Loan to Value Ratios.
Here are the eight news events that mattered this week in New Zealand's political economy.
The Government wants to stop insurers blocking claims because irrelevant information was not disclosed, but the changes may not come for years, reports Thomas Coughlan.
Consumer Affairs Minister Kris Faafoi wants people to tell him about their concerns with the insurance industry, as pressure builds on the sector over conflicts of interest around incentives, harsh disclosure provisions, and unfair exemption clauses.
The government wants public input on the laws surrounding Ponzi schemes, with current legislation to recover investors' funds not designed to deal with the scams meaning victims are left out of pocket.