Philip Macalister's interview with Minister of Consumer Affairs, Kris Faafoi, is well worth listening to. The good bits really kick in at about 3.30 into the video. That is where Philip asks the minister about the Code Working Group, and the minister makes his expectations clear. Here is a small sample, but well worth watching the whole interview:
“My clear expectation was given to them at that first meeting that, along with the big players in the market who would serve the majority of consumers in the market, that small industry players who had voiced their concerns were to be consulted with as well, and that is still my expectation.”
He said he was primarily concerned that that the final product decided upon by the working group was for the benefit of consumers.
It is worth noting the three main parts of what is going on right now:
- The law will go to select committee
- The drafting of the Code
- The consultation on disclosure requirements
At this stage I feel most comfortable with the last point. It is the interaction between submissions on the law and the drafting of the Code where the impacts on availability of advice for consumers, driven by competence requirements and costs that may weigh on advice businesses, could vary widely depending on choices made.