Stockbrokers face tougher rules

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Tougher rules for stockbrokers are going to be considered as part of a parliamentary select committee's consideration of the Financial Service Providers (Pre-Implementation Adjustments) Bill. 

Commerce committee chairwoman Lianne Dalziel said it had agreed to consider Commerce Minister Simon Power's proposed changes to the bill and people who wanted to submit on the new material could do so by April 15. 

The proposed changes include requiring brokers to be registered and face tougher disclosure rules.

The Government has been working on a new regime covering financial advisers since millions of dollars were lost by mum and dad investors based on poor financial advice urging them to put money into risky investments.

- NZPA