Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 

Code Committee Members Reappointed

Code Committee Members Reappointed

Commissioner for Financial Advisers David Mayhew has announced the reappointment of three members of the Code Committee. The Committee was established in July 2009 to draft a Code of Professional Conduct for Authorised Financial Advisers (AFAs).

Ross Butler, David Ireland and Gary Young have each agreed to extend their one-year terms for another 12 months. All other Committee members were appointed for three years.

“I’m keen for continuity on the Committee up to full implementation of the new regime in July 2011,” said Mr Mayhew. “It will also have an ongoing role, periodically consulting advisers and consumers on Code updates, and informing the Commission on evolving standards for financial adviser conduct and competency.”

The Committee was concluding its consultation process and would submit the draft Code to him by the end of this week. The next step would be approval of the Code by himself and the Minister of Commerce.

Mr Mayhew says he expects the approval process to finish in September, ahead of the Code coming into force on 1 December 2010.

“The Code will apply progressively as advisers become authorised. The final deadline for authorisation applications is 31 March 2011. All AFAs must pass an examination on the content of the Code and satisfy other licensing requirements before being authorised.”

The legislation sets Committee membership at between seven and 11.

“Currently it has eight members. However Committee member Sue Brown, having taken up the position of Director Primary Markets with the Securities Commission, has indicated that she will step down once the Code has been approved,” Mr Mayhew said.

Mr Mayhew says that later this year, following approval of the Code and agreement on the Committee’s work plan for the next period, he intends seeking additional Committee members to ensure an appropriate mix of skills.

Code Committee members details can be found on the Committee’s website at: www.financialadvisercode.govt.nz

ENDS

© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 

Primary Sector Council Report: Vision To Unite The Primary Sector Launched

Agriculture Minister Damien O’Connor has welcomed the release of a bold new vision for the country’s vital food and fibre sector. More>>

ALSO:

Crown Accounts: Treasury HYEFU Sees Deficit Then Rising Surpluses

An operating balance before gains and losses deficit of $0.9 billion is forecast in the current year, before returning to a small surplus in 2020/21 which then grows to reach $5.9 billion (1.5% of GDP) in 2023/24. More>>

ALSO:

Fuels Rushing In: Govt "Ready To Act" On Petrol Market Report

The Government will now take the Commerce Commission’s recommendations to Cabinet...
• A more transparent wholesale pricing regime • Greater contractual freedoms and fairer terms • Introducing an enforceable industry code of conduct • Improve transparency of premium grade fuel pricing... More>>

ALSO:

Reserve Bank Capital Review Decision: Increased Bank Capital Requirements

Governor Adrian Orr said the decisions to increase capital requirements are about making the banking system safer for all New Zealanders, and will ensure bank owners have a meaningful stake in their businesses. More>>

ALSO: