Commerce minister plans extensive financial services laws overhaul

“More than ever, New Zealanders need to be able to access good financial advice,” and it shouldn't be available only for the wealthy, Bayly said.

But he's concerned that current regulatory settings and “legislative architecture” governing the financial services sector are too complex.

Bayley said he's about to start the process of repealing the Business Payment Practices Act, a law that requires large companies and other entities to disclose their payment practices on a public register.

Also on the list for review are the Credit Contracts and Consumer Finance Act, and Conduct of Financial Institutions, or CoFi, legislation.