Labour: Support for regulation change

Labour’s spokesman for Consumer Affairs, Michael Wood, said there was little chance that the Financial Services Legislation Amendment Bill would make it through Parliament before the election.

The bill replaces the Financial Advisers Act with new financial advice provisions within the Financial Markets Conduct Act.

It aims to simplify the regulation governing the sector but concerns have been raised about the designations it introduces, and its conflict of interest provisions.

But if National does not win the election, the fate of the bill may rest in Labour’s hands.