Hon Paul Goldsmith
Minister of Commerce and Consumer Affairs
4 August 2015
Strong response to financial advice laws consultation paper
Commerce and Consumer Affairs Minister Paul Goldsmith today said there has been a strong response from New Zealanders on
the review of financial advice legislation.
“In May the Government released an issues paper as a part of a review of the Financial Advisers Act and Financial
Service Providers Act,” Mr Goldsmith says.
“We want to increase consumer confidence in financial advisers and the advice they give, so that people can make
informed decisions about their money.
“I have been very pleased with the response we have received. I would like to extend my thanks to everyone who took the
time to submit their views on how the legislation could be improved.
“We have had a strong response from the industry and consumers. There were 162 submissions from organisations and
advisers and 249 people responded to the shorter consumer brochure published alongside the Issues Paper. Officials also
held workshops and met with interested groups and individuals to gather feedback.
“Officials will now analyse the submissions and all the feedback received. Following this an options paper will be
released later in the year, which people will again have the opportunity to comment on. I expect to receive final
recommendations on any changes to the Acts next year.
“Laws like this are vitally important if we are to continue to grow our economy. These pieces of legislation are both
integral to the effective functioning of New Zealand’s capital markets, one of the Government’s Business Growth Agenda
goals,” Mr Goldsmith says.
ends