Regulatory Change - What a week!
On Wednesday night Workplace Savings NZ held its 2010 Annual General Meeting.
One of the messages we shared with those present was that, as your advocate, we looked forward to working with government to lock in regulatory stability for KiwiSaver and workplace savings in general.
Phew! Well, that message didn’t take too long to be blown away.
The Minister of Commerce, Simon Power, made a number of significant announcements in a speech he gave on Wednesday night at the annual INFINZ awards dinner.
In brief…
Workplace Savings NZ welcomes regulation that produces effective enhancements for KiwiSavers, such as better governance, better transparency of fees, and consistent intelligible disclosure of investment performance. However, we do not support regulation that simply adds compliance cost for no member value.
We believe there is currently no systemic problem with KiwiSaver. In fact in our view, the biggest risk KiwiSaver faces is that overly zealous regulation is rolled out without adequate and effective engagement with all stakeholders to ensure those changes will be optimal.
We are generally supportive of the concept of having a ‘Super Regulator’, but would caveat that with the thought that the regulatory model should not set out to be a one size fits all approach.
The various areas to be brought together under the Financial Markets Authority (FMA) currently perform valuable specialist roles. At this point in time we think that it would be fine if those specialties come under an FMA umbrella. However, we think that we do need an FMA framework where all the elements are appropriately tailored, resourced and appropriately funded.
Our key message here for government, and its officials, is that Workplace Savings NZ wishes to continue to be engaged in the consultation process on behalf of its members.
You should see more on this subject from Workplace Savings NZ in the next week.
In-case you missed it all, the various press releases can be found here:-
Government to improve KiwiSaver regulation:
www.beehive.govt.nz/release/government+improve+kiwisaver+regulation
Financial adviser compliance pathway announced:
www.beehive.govt.nz/release/financial+adviser+compliance+pathway+announced
Government announces ‘super-regulator’ for financial markets:
www.beehive.govt.nz/release/government+announces+%E2%80%98super-regulator039+financial+markets
Audit oversight in hands of super-regulator:
www.beehive.govt.nz/release/auditor+oversight+hands+super-regulator
Full speech made by the Minister – “Rebuilding Confidence”:
www.beehive.govt.nz/speech/rebuilding+confidence
Upcoming Information Seminars
In late June / early July we will be hosting industry seminars in Auckland, Wellington and Christchurch.
Covering everything industry participants will need to know about the Financial Service Providers (Registration and Disputes Resolution) Act 2008, the Financial Advisers Act 2008, and the Financial Service Providers (Pre-Implementation Adjustments) Bill including Supplementary Order Paper No. 113) and what your business or workplace savings scheme will need to consider in order to become compliant.
We also intend to comment on anything of significance for industry participants arising from the May 20th Budget.
We are confident the legislation will be finalised in time for these sessions to be a MUST ATTEND event. Put the seminar in your area in your diary now!
These late afternoon seminars are being held from 4.00 - 5.30pm and will be presented in the following areas (click to register):-
Auckland - 29 June at the Auckland Club
Wellington - 1 July at the Wellington Club
Christchurch - 28 June - venue TBA
If you are interested in our Submissions on the Financial Service Providers (Pre-Implementation Adjustments) Bill and Supplementary Order Paper No. 113) please click here.
Conference Registrations are Open
For the peak industry event this year: Workplace Savings 20/20 - our National Conference is being held at the Christchurch Convention Centre on Thurs 26 & Fri 27 August 2010.
Registrations are now open! Get in early and register online here.
For those outside of the South Island, get in quick to book cheap flights - Air NZ still have fares hovering around $59-$79 one-way ex Wellington or Auckland.
You can take advantage of the special delegate rate available at the Crowne Plaza Hotel Christchurch, book your accommodation online here:
An exciting line-up of speakers is in store for you, we have confirmed that Craig Stobo, David Mayhew and the Minister of Commerce, Hon. Simon Power will be presenting.
The draft programme is available on the Workplace Savings NZ website, and it's shaping up to be both interesting & informative for all delegates.
So start planning your long weekend in Canterbury now - we look forward to having you join us for Workplace Savings 20/20.
Introducing Workplace Savings NZ Council
Our new-look Council was confirmed at the Workplace Savings 2010 AGM, held at the Wellington Club on 28 April. Many thanks to all of our members and supporters for turning out, we hope you enjoyed the evening and look forward to your continued support.
Having completed two consecutive 3-year terms on Council and therefore being required to step down, we reluctantly bid farewell to Bruce Dutton, John Melville and David Penney. We would like to acknowledge their outstanding and significant contribution towards the work of this organisation over the past 6 years .
We warmly welcome David Biegel, David Boyle, David Wallace and Sasha Mandich, elected for a first term to this Council, and a welcome back to David Ireland and Murray Sarelius, who were re-elected for second 3-year terms.
June Industry Breakfast
Our next industry breakfast will feature guest speaker David Mayhew, Commissioner for Financial Advisers from the Securites Commission.
David will talk about the implementation of the Financial Advisers & Financial Services Providers Acts, and how this will impact on the finance industry, particulary workplace savings.
Make sure you book a seat for this informative presentation over a nice hot breakfast, on either of these dates:
Wellington - click here to register
Friday 18 June 2010, 7.30 a.m.
The Wellington Club, 88 The Terrace
Auckland - click here to register
Tuesday 22 June 2010, 7.30 a.m.
The Auckland Club, 34 Shortland St
Workplace Savings and Women in Super members enjoy a reduced rate to attend.
Article - "Guiding Employees on workplace savings"
As published in the lastest issue of Employment Today magazine, from the HRINZ.
A useful article to pass on to employer clients, this article explains how new legislation affecting financial advisers will also have an impact in the workplace, therfore affecting employers, and outlines what actions they need to take to ensure compliance.
Please click here to view.
Many thanks to David Ireland for penning this article on behalf of Workplace Savings NZ.
Got something for SuperNews?
Feedback, comments and submissions for SuperNews are welcomed - Contact us, we appreciate hearing from our members!
SuperNews is our bi-monthly e-newsletter, aiming to keep you abreast of what's happening in the NZ workplace savings industry, by providing updates on the latest legislative and political developments; in-depth examination of issues; topical articles of interest; and opinion pieces relevant to workplace savings.
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