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State may regulate finance advisers

The Government is looking at regulating the burgeoning financial advisory and mortgage broking business.

Sunday, August 29th 2004

Financial planners, insurance, share and mortgage brokers are all coming under the spotlight in a review of ways to regulate the sector ordered by Commerce Minister Margaret Wilson.

Ms Wilson unveiled plans yesterday to set up a taskforce to look at options for the sector.

The minister said she had an open mind about regulation but the aim was to raise the standard of financial services in an effort to enhance New Zealanders' financial security.

The taskforce has been charged with researching a wide range of options on regulation, from self-regulation through to a full licensing system.

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