ACT Welcomes Inquiry Support

Thursday, March 26, 2009

ACT New Zealand MP John Boscawen today praised the announcement from Commerce Minister Simon Power that he would welcome a Select Committee inquiry into the failure of finance companies – some of which had been a blight on the national economy and on New Zealand’s ‘mum and dad’ investors.

“This is an issue that I raised with some Select Committee members late last year, and I have been publicly calling for an inquiry for the past two weeks” Mr Boscawen said.

“I was pleased to gain the early support of Labour’s Lianne Dalziel – who indicated that Labour members of the Committee may be sympathetic to an inquiry provided the terms of reference could be agreed.

“Yesterday I was pleased to hear that Mr Power would also welcome an inquiry should the Commerce Committee decide to proceed.

“Mr Power stated his support would be conditional on carefully considered terms of reference, and provided that it did not cut across civil and criminal proceedings currently undertaken by regulatory authorities.

“To that end, I am continuing to talk with some of those involved in the finance industry – including lawyers, commentators, regulators and representatives of professional bodies. Identifying the key issues will help ensure that correct terms of reference can be framed.

“The need for an inquiry is further highlighted by Companies Office registrar Neville Harris’ recent report on finance company collapses. I would like to hear personally from anyone who feels they could contribute to an inquiry,” Mr Boscawen said.