“..Creation of super-regulator should be Simon Power’s next step
The Hanover Finance and Huljich KiwiSaver affairs point up the pressing need for a “super-regulator” with the authority, budget and, importantly, guts ..
.. to not only enforce existing regulations .. but publicly hang the miscreants out to dry.
That should be the next priority on Commerce Minister Simon Power’s plate after his decision to fast-track KiwiSaver regulation.
He’s put a rocket under officials and asked them to report back within four weeks on the needed measures ..
.. instead of piggy-backing them to the lengthy review of the Securities Act .. which is not due to be finalised until October next year.
Surely it is important to properly regulate a sector which is managing retirement savings for the 1.3 million New Zealanders who have $4.88 billion in various KiwiSaver funds.
But that’s only one part of the investing market.
Power should now be asking why arguable commercial hazards – many of whom continue to grace New Zealand’s puffed-up social columns -
- seem able to pop up again with impunity ..
.. within months of their latest failure to entice another wave of unsuspecting punters to “invest” their cash with them..”
go to source/story>>Fran O’Sullivan : Urgent need for watchdog with some bite – Business – NZ Herald News
