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Inquiry Step In Right Direction

Posted on 20 Aug 2009

ACT New Zealand Finance Company Spokesman John Boscawen today welcomed the Commerce Select Committee’s decision to conduct an inquiry into the failing finance company sector that has ruined so many Kiwis’ lives.

"Since February I have been calling for an inquiry into the reasons why so many finance companies have collapsed - leaving a trail of devastation in their wake – and I feel it’s a personal victory that the Committee has finally agreed with me and I am grateful for their support," Mr Boscawen said.

"The Committee will look at what changes need to be made to the law – if any – to prevent such losses happening in the future.

"Billions of dollars have been lost – with some investors having been driven to suicide. Many other investors have lost their homes, their life-savings and will now struggle to survive in their retirement years.

"With thousands of people – many of whom are elderly and vulnerable – being affected, I urge anyone with strong views on this situation to make a submission. The terms of reference can be found at www.parliament.nz.

"I am strongly urging investors to have their say so that this situation can be resolved and future investors are protected from the tragedy and heartache that we have witnessed to date," Mr Boscawen said.

ENDS

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