Do you agree that all financial product sales incentives should be prohibited?
- No (72%)
- Yes (26%)
- Not sure (2%)
Loading ...In his speech to mark the start of the Be Inspired, Be Energised conference, David Clark, Minister of Commerce and Consumer Affairs, said the financial wellbeing of all New Zealanders is at the heart of regulatory changes to the financial sector.
He assured conference attendees he does not want to interfere with the provision of financial advice or to create costly oversight obligations. Nevertheless, he says a bill currently making its way through Parliament will – if passed into law – prohibit remuneration incentives based on sales targets, but will not ban commissions
“These changes will help us be certain that banks, insurers, and the financial advice sector, all take responsibility for ensuring the financial wellbeing of New Zealanders,” he said.