Trustee Corporations Association welcomes review

Trustee Corporations Association

Media statement
For immediate release
25 March 2009

Trustee Corporations Association welcomes review of legislation

The Trustee Corporations Association (TCA) today said it was pleased Commerce Minister the Hon Simon Power had ordered a full review of securities legislation.

“We are certainly keen to work with the Minister on identifying the most effective way of strengthening rules governing investor protection, said the Chairman of the TCA, Clynton Hardy.

“This needs to be a multi-faceted approach covering all aspects of the legislation and all those involved in the finance industry.”

The TCA has four full members – Guardian Trust, Trustees Executors, Public Trust, and Perpetual Trust, with Covenant Trust as an associate.

“There is no doubt that lessons have been learned by all those involved in the finance industry which is why the TCA has been working for some time on solutions that can give investors additional safeguards.

“We have worked with officials on the deposit guarantee scheme and the new prudential supervision regime for non-bank deposit takers, which are designed to deal with some of the issues raised by the failures.

“We are working on a number of other initiatives, including the registration and supervision of all trustees and are keen to share these with the Minister. We welcome his support for strengthening the supervisory regime.

“We acknowledge that thousands of investors have suffered in the wake of finance company failures and we are determined to play our part in rebuilding the industry so investors can have greater confidence that their interests will be looked after.”

ENDS

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