Moves to lift quality of regulation welcomed

The New Zealand Bankers’ Association today welcomed the government’s response to the Productivity Commission’s recommendations to improve regulation in New Zealand.

“We support any moves to improve the quality of regulation in New Zealand and it’s good to see the government acknowledging that more needs to be done in this area,” said New Zealand Bankers’ Association chief executive Kirk Hope.

“We’d particularly welcome regulators working more collaboratively with their stakeholders and placing a greater emphasis on monitoring and reviewing regulatory regimes.

“Good regulation serves the needs of consumers, industry and regulators. It’s in everyone’s interests that we get the balance right between workable regulation and economic growth.

“Quality regulation is developed in a coordinated and consultative process, it’s robust, well-targeted and enforced, and it’s fit for New Zealand conditions.

“We support regulation that is developed in a transparent and coordinated way. Too often regulators and government agencies work in isolation, without regard to the burden placed on industry systems and resources to comply with regulatory requirements. Flexibility on implementation timeframes is essential to ensure practical, effective regulatory outcomes.

“All regulation should achieve a clearly defined purpose without imposing unnecessary costs and unintended consequences on businesses and consumers. More than lip service is needed to make sure we get regulation right. In a country and economy the size of New Zealand we can’t afford to get it wrong,” Hope said.