Funding to better protect investors in Budget

Commerce Minister Lianne Dalziel

Funding to better protect investors is included in this year's budget.

In the past year large numbers of investors have been left out of pocket by a series of finance company collapses.

Many commentators have lashed advises for recommending companies without putting them under proper scrutiny.

Commerce Minister Lianne Dalziel today said the budget included $9 million over four years towards the implementation of new laws to improve supervision of financial advisers and institutions.

The funding would allow financial service providers to be registered and licensed by the Securities Commission and a dispute resolution scheme.

"The recent volatility in the financial sector highlights the importance of this new regulatory regime and we are providing the funding to do the job properly," Ms Dalziel said.

- NZPA