New Government, new Ministers
26 Oct 2017
The new Government is sworn in today and IBANZ in its role of representing the interests of members will now be working with new Ministers.
There are three key areas where IBANZ is currently lobbying government – the new levy arrangements for FENZ, review of Financial Adviser legislation and the reform of the EQC. The Ministers with responsibility in these areas are:
Fire & Emergency NZ
Tracey Martin – Minister of Internal Affairs (NZ First)
As a Minister in Cabinet for Internal Affairs she will be responsible for the implementation of the Fire and Emergency New Zealand Act and in particular Part Three of that Act – Levy.
The new Levy arrangements are currently due to be implemented on 1st January 2019, having been delayed from 1st July 2018. However our latest information is that there will most likely be a further delay to 1st July 2019. These delays are a result of the complexity of the new arrangements and the resulting time required by the insurance industry to adapt their systems.
Martin was elected as a New Zealand First list Member of Parliament based in Warkworth at the 2011 Election. She is the New Zealand First Deputy Party Leader.
Kris Faafoi – Minister of Commerce and Consumer Affairs (Labour)
Minister outside Cabinet for Commerce and Consumer Affairs, he will be responsible to oversee the Financial Services Legislation Amendment Bill. The new legislation is currently before the House awaiting its first reading.
The bill is tipped to only spend four months instead of the usual six in select committee, because an exposure draft has already been revealed. It is anticipated that it should become law by the middle of next year assuming there are no delays with the new government.
Faafoi was elected as a Labour Member of Parliament for the Mana electorate in November 2010 following more than a decade working as a journalist at both TVNZ and the BBC
Dr Megan Woods – Minister for the Earthquake Commission (Labour)
Cabinet Minister responsible for the Earthquake Commission, she has previously been spokesperson for Canterbury Issues. Woods was elected to parliament in 2011 as MP for the Wigram electorate.
The reform of the EQC legislation has been underway for a number of years, in June plans were announced by Minister Brownlee to simplify and improve the EQC scheme. It was hoped to release a draft reform Bill late this year or early in 2018 for implementation by 2020.