Hon Jacqui Dean
12 June 2017
Nine people have been appointed to a working group to develop the new code of conduct for financial advice, Commerce and Consumer Affairs Minister Jacqui Dean announced today.
“The new code of conduct will be wider in scope than the existing code and will set standards of competence, conduct and client-care for the whole financial advice industry,” Ms Dean says.
“This change in scope is part of the review of the Financial Advisers Act 2008. The group’s new code will reflect proposed changes in legislation aimed at creating an even playing field of regulation across the industry, including a universal code of conduct for all individuals and institutions giving financial advice.
“To recognise this, the Code Working Group is being established as a new body, with an expanded mandate from that of the Code Committee under the current regime.
“I believe the members of the Code Working Group demonstrate a strong understanding of the changes to the financial advice regime and the role which the code will play in the overall system.
“In developing the code, the Code Working Group must consult with industry bodies, consumer representatives and any other interested parties to ensure everyone, including small-adviser businesses, has a chance to give their input,” Ms Dean says.
The members of the group are:
The Government’s decisions around the new code will be reflected in a Financial Services Legislation Amendment Bill, which is intended to be introduced to Parliament later this month.
Members of the Code Working Group are being appointed for a three year term, whereby it is proposed that these members will become the Code Committee under the new regime.
The Code Working Group is expected to have produced a draft code of conduct by August 2018.
For further information on the review of the Financial Advisers Act 2008 see www.mbie.govt.nz/faareview