Task force welcomes submissions on options

4 July 2005

Task force welcomes submissions on options for change

Michael Webb, Chair of the Financial Intermediaries Task Force, today welcomed the high number of submissions made to the task force and thanked people for their contributions at consultation meetings.

“We’ve received approximately 100 submissions from consumer and industry groups and other interested parties, and have had some very valuable discussions at public consultation meetings over the last month,” said Mr Webb.

“The discussions at the consultation meetings and the submissions have been very valuable to us in considering the recommendations we may make when we make our final report to the Minister in the next few weeks.

Mr Webb said common responses were around the importance of consumer education, the need for enhanced disclosure and standards, and effective redress for consumers.

“There is widespread support for changes in this area from both consumer and industry groups who have been involved in the process and a real desire on the part of industry participants to be recognised as providing value for New Zealanders,” said Mr Webb.

A summary of the submissions is available on the task force’s website. Copies of the submissions will be available on the website shortly.

ENDS

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