FSC appoints expert Disciplinary Committee to uphold Code

The Financial Services Council (FSC) has announced the appointment of an expert Disciplinary Committee to oversee the application and enforcement of the new FSC Code of Conduct.

The Code has been effective from 1 January 2019 and the Committee’s role is to determine if a FSC member has breached code standards and identify sanctions appropriate to the potential damage to consumers or the industry.

Chaired by leading tax barrister Geoff Clews, the Committee is made up of independent experts from New Zealand and overseas with expertise in law, financial services, governance and con-duct.

Rob Flannagan, Chair of the Financial Services Council, said the calibre of the Committee re-flected the seriousness with which the industry was taking its responsibilities under the Code.

“The Disciplinary Committee is integral to ensuring the Code of Conduct lives up to its promise and delivers for New Zealanders. I’m delighted that we have managed to secure such a world-class collection of experts to oversee this process.”

Geoff Clews, Chair of the Disciplinary Committee, said “It is an honour to chair this Committee and to have the opportunity to work with the industry in bringing the Code to life and lifting cul-ture and conduct standards across the board.

“My fellow committee members as well as being experts in financial services and law are scrupu-lously independent of the sector so are well placed to determine appropriate outcomes for any potential breach of the code.”

FSC’s members make up 95% of New Zealand’s life insurance market, manage funds of around $50 billion, and include many professional services, and technology providers to the financial
services sector.

Richard Klipin, CEO of FSC, said “The confirmation of the Disciplinary Committee is another important step in our culture and conduct journey and us as an industry taking the lead in lifting standards to deliver better outcomes for New Zealanders.

“We want to ensure our members are putting the interests of consumers front and centre and the oversight of the Committee will be vital to this. I would like to welcome the committee and thank them for volunteering their time,” concluded Klipin.

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