Minister in the Ministry of Finance and Economic Affairs Ryan Straughn is urging credit unions to employ stronger governance structures, as he hinted at tightening legislation to ensure these standards are in place among these institutions.Straughn was introducing the Financial Services Commission (Amendment) Bill and the Financial Services Commission (Miscellaneous, Provision and Validation) Bill in Parliament on Tuesday.While the latter validates the fee structure the FSC has in place for the entities it regulates, the amendment bill alters the composition of the FSC so it is now able to issue licences and carry out other functions.Noting that the pieces of legislation created greater certainty in the operation of the FSC, Straughn told his parliamentary colleagues that it was critical to ensure that the right regulatory environment was in place to govern companies in the financial service sector, including credit unions, pension funds, and co-operatives.
