29 March, 2012
Commerce Minister Craig Foss has welcomed the findings of a Commerce Select Committee inquiry into finance company failures and says the government supports the general nature of its recommendations.
"The Commerce Select Committee has done an excellent job of investigating issues relating to finance company failures and made sensible recommendations," says Mr Foss.
"The Government has carried out significant work in reforming financial markets over the last three years, most notably creating the new Financial Markets Authority. Many of the issues identified by the Commerce Committee have either already been addressed or are being examined right now."
"All but two of the Commerce Select Committee's 13 recommendations have been taken on board" says Mr Foss.
The Government is already progressing work in line with the recommendations:
Mr Foss says "the Financial Markets Conduct Bill, currently at Select Committee, is critical to the continued rebuilding of investor confidence in New Zealand."