4 August 2005
Financial Intermediaries Taskforce report welcomed
Commerce Minister Pete Hodgson today welcomed the report of the Financial Intermediaries Task Force.
“The Task Force has done an excellent job. It has produced a very comprehensive report,” says Pete Hodgson. “I would
like to thank its members for their thorough examination of the issues. They have made many sensible recommendations."
The government's goal is to develop a regime that is efficient, cost effective for the industry and which provides
appropriate protection for investors. The Task Force recommends the development of a co-regulatory model and has
acknowledged a good deal of detailed design work on that model has yet to be done. This will take time.
“It is clear from the Task Force’s work that there is a desire for change in the industry. The government wants to keep
that momentum and consensus for change going."
Government will work closely with industry and consumers' representatives on the changes. It is anticipated that some
policy options will be ready later this year, detailed work on the regulatory framework completed by the middle of 2006,
with the normal legislative process to follow.
Due consideration will be given to the work programme of the Review of Financial Products and Providers whilst changes
are developed for the regulation of financial intermediaries. The two work streams will run concurrently. One will not
delay the other.
ENDS