Based on this from Stephen Franks (via DPF) it sounds as though there is some momentum building for changes to the Bill of Rights Act (NZBORA).
I don’t know whether the Russell McVeagh guys Stephen quotes are connected with other NZBORA arguments being advanced by Business NZ (which I discussed below). But it is worth noting that changes to the NZBORA are extremely far-reaching, so lets all pay attention.
On Stephen’s more specific topic of regulating financial advisors, my view is that the massive asymmetries of information/knowledge in this market mean that some regulation is likely to be warranted. Any regulation will inevitably constrain the rights of some people. No regulation would be a disaster for everyone including the supply side. And while legislation should not assume everyone is an idiot, recent NZ financial history suggests there is scope for improvement.
The trick is to find a balance, which is also why potential changes to the NZBORA should be of wider public interest.