Call for parliamentary inquiry into finco failures (Updated)

Call for parliamentary inquiry into finco failures (Updated)

Act MP John Boscawen wants to set up a parliamentary inquiry into the spate of finance company collapses to avoid "such massive losses" occurring again, according to a report in the NZ Herald. (Updated with links to a similar report in the Sunday Star-Times.) He was reported as saying he was surprised there had been no parliamentary investigation into these finance companies, and "it was a concern that some of the losses appeared to be the result of fraud".

He said the losses had a hugely detrimental effect on the economy and were contributing to the recession. He was also concerned about the effect on individuals, particularly retirees who had lost life savings, which affected their quality of life, health and well-being. The Sunday Star-Times also carried a full report on the move. It also covered comment by Lianne Dalziel who was the Minister of Commerce when most of the finance companies collapsed. Now she is in opposition and no longer the Minister, she is calling for tougher action. A full list of the number and value of the losses can be found in our Deep Freeze list, here.

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