19 Mar 2010

Dalziel wants to right '40-year-old wrongs'

7:04 pm on 19 March 2010

The Labour Party's justice spokesperson has launched a member's bill that would allow the Commerce Commission to take action against financial companies, even when those companies have settled with investors.

Lianne Dalziel says the actions last year by ANZ and ING, forcing investors to forgo their right to make further claims on their money, were objectionable.

She told more than 50 investors, most of whom aged over 70, in Hawke's Bay on Friday that her motivation for the Illegal Contracts Amendment Bill is to right the wrongs of 40-year-old legislation.

Ms Dalziel says it's not fair that if the commission finds an investment company has breached its statutory obligations, investors who've signed a partial settlement agreement with the company can't benefit.