Election 2017 - Party Policies - Economy - Regulation
27th May 17, 9:52am
by
Regulation
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- ACT will replace the RMA to make it easier for businesses to operate and grow.
- To be competitive, adaptable and resilient, the primary sector needs government to get out of the way.
- There are too many legislative barriers in front of businesses at every stage: production, processing, marketing and distribution.
- ACT is committed to lowering the cost of complying with regulations.
- Read more here and here.
- Regulation of the broader financial sector to ensure depositors are adequately informed of the risks they are taking and vulnerable depositors are not exploited, including regular publication of "Plain English" information on risks.
- Mandatory guidelines for the advertising of financial products and services to protect vulnerable depositors and ensure full compliance with consumer legislation.
- Appropriate controls on lending to ensure that people and businesses can get the financing they need without excessive risk of default.
- Require that trustees and auditors ensure investments fit with the investment strategy and prospectus, and ensure that trustees monitor, report on and, if necessary, require canceling of related party transactions beyond legal limits.
- Ensuring compliance costs for small and medium scale financial institutions such as credit unions are appropriate to their size and risk profile.
- Read more here.
- Consolidating the government’s regulatory policy functions into a standalone organisation or division within an appropriate Government body.
- Initiate a review of the Credit Contracts and Consumer Finance Act, including the 2015 amendments.
- As a part of this review, specific focus will be given to advertising as the use of sports celebrities and other community figures as well as activity sponsorship may unduly influence prospective borrowers. The review will also investigate whether it is possible to implement a cap on interest rates.
- Aim to reform the laws governing credit unions and cut red tape in order to give them legal status and allow them to lend to small business.
- Constantly review and update consumer legislation where necessary; and commit to sufficiently resourcing agencies that monitor consumer laws so that any breaches can be promptly addressed.
- Read more here and here.
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