Govt not throwing baby out with bathwater: Ballantyne

Commerce and Consumer Affairs Minister Kris Faafoi revealed on Wednesday that legislation would soon be introduced that would bring in a new conduct licensing system, a ban on soft commissions and sales-linked bonuses and require providers to meet a fair treatment standard, with policies and systems to make sure that happened.

The Financial Markets Authority will be given greater powers to tell insurers and banks how to behave.

It is in response to reports by the Reserve Bank and Financial Markets Authority on the conduct and culture of banks and insurers.

Naomi Ballantyne, managing director of Partners Life, said she was comfortable with the plan.