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Conduct standards for financial advice up for discussion

A working group designing a new Code of Conduct for financial advice today revealed their proposals and asked for feedback.

Angus Dale-Jones, chair of the group tasked with producing the new Code of Conduct says the group wants to hear from people who give financial advice, consumers and anyone else with an interest in the new Code of Conduct.

“The standards we set will affect both those who give financial advice and those who receive it, so we want to hear from as many people as possible,” says Mr Dale-Jones.

“We are hoping many consumers will respond to our online survey. We have also published a consultation document, on which we are seeking submissions. And we will be running a series of roadshow events across the North and South Islands where people will be able to ask us questions and share their views.

“The new Code of Conduct will set standards of ethical behaviour, client care and competence that will apply to a wide range people who give financial advice – from quick recommendations through to detailed investment planning. It will cover the kinds of financial advice that many New Zealanders get, such as advice on mortgages, insurance, term deposits, KiwiSaver, and other investments.

“It will also cover computer-generated financial advice – sometimes called ‘robo-advice’. We want to make sure that no matter how customers get their financial advice in future they get a good outcome,” says Mr Dale-Jones.

The new Code of Conduct is part of a wider overhaul of financial advice regulation. New rules around the provision of financial advice are set out in the Financial Services Legislation Amendment Bill, which is currently before a Parliamentary Select Committee.

Further information
The consumer survey can be found at https://tinyurl.com/code-publicsurvey

The consultation document is available on the consultation tab at http://www.mbie.govt.nz/info-services/business/business-law/financial-advisers/financial-advice-code-working-group/consultations

The group will run roadshow events in Auckland, Hamilton, Tauranga, Napier, Wellington, Christchurch and Otago. For further information on the roadshow events, and to register to attend, visit https://tinyurl.com/cwg-consult

The new Code of Conduct is being developed by a working group appointed by the Minister of Commerce and Consumer Affairs. For further information on the Code Working Group see www.mbie.govt.nz/cwg

For further information on the overhaul of financial advice regulation, see www.mbie.govt.nz/faareview

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