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Commerce and Consumer Affairs Minister Paul Goldsmith welcomes new rules taking effect from 1 December which will promote the growth of New Zealand’s financial markets and boost investor confidence.

“I am pleased to announce the final stage of implementation of the Financial Markets Conduct Act 2013 which starts to come into force on 1 December,” says Mr Goldsmith.

Commerce and Consumer Affairs Minister Paul Goldsmith today announced the appointment of Murray Jack as the new chair of the Financial Markets Authority (FMA).

“I am very pleased that Mr Jack has agreed to take on this crucial role,” Mr Goldsmith says.

“With extensive experience in both senior management and governance roles in the financial sector, Mr Jack has good credentials to chair the FMA.

Commerce and Consumer Affairs Minister Paul Goldsmith is inviting feedback on a draft Responsible Lending Code released for consultation today.

“We want our most vulnerable to have better access to information, and better protection from the predatory practices of loan sharks and unscrupulous pay-day lenders when taking on debt,” Mr Goldsmith says.

“The draft Code seeks to do this without imposing unnecessary compliance costs on those lenders who already have good systems in place.

Commerce and Consumer Affairs Minister Paul Goldsmith today welcomed the passage of the Trade (Safeguard Measures) Bill.

“This Bill updates New Zealand’s trade safeguards regime to ensure it is consistent with World Trade Organisation (WTO) rules and to promote efficient, transparent and objective investigative and decision making processes,” Mr Goldsmith says.

Commerce and Consumer Affairs Minister Paul Goldsmith today welcomed the next step in reforms aimed at enhancing the sustainability of the New Zealand Standards system.

The Standards and Accreditation Bill passed its first reading in Parliament today and will now be considered by the Commerce Committee, which will report back to Parliament by 31 March 2015 after a public consultation process.

Commerce and Consumer Affairs Minister Paul Goldsmith today announced the approval of the phase two regulations of the Financial Markets Conduct Act. The regulations come into effect on 1 December 2014.

“The approval of these regulations represents the last major step in the once-in-a-generation reform of our financial markets,” says Mr Goldsmith.

Commerce and Consumer Affairs Minister Paul Goldsmith today released a discussion document on new consumer credit regulations aimed at improving the information lenders provide to people taking out loans.

“These regulations will mean consumers can get the information they need to make good decisions when borrowing money,” Mr Goldsmith says. 

“I welcome feedback on these proposals from borrowers and lenders to ensure that the regulations provide the intended consumer benefits while minimising compliance costs.”

The Accounting Infrastructure Reform Bill, which passed its third reading in Parliament today, will improve the efficiency and effectiveness of the accounting and audit industries, Commerce and Consumer Affairs Minister Paul Goldsmith says.

Mr Goldsmith says the Bill is part of a package of improvements made as part of the Government’s Business Growth Agenda including the Financial Markets Conduct Act 2013 and the Financial Reporting Act 2013.

Commerce and Consumer Affairs Minister Paul Goldsmith today outlined his commitment to completing and bedding in a suite of legislative and regulatory reforms to make it easier for consumers, investors and businesses to transact with confidence.

“In the coming months I will focus on progressing several key pieces of work which will help support fair, efficient and transparent markets and promote competition, consumer choice and protection.

Money Week offers a great opportunity for Kiwis to improve their financial knowledge, says Commerce and Consumer Affairs Minister Paul Goldsmith.

“Improving financial knowledge is a key focus this week. It is important that we all think about our personal finances so we can make good decisions in the short and long term,” Mr Goldsmith says.

Money Week is a nationwide week of events which runs between13 to 19 October and is organised by the Commission for Financial Literacy and Retirement Income.