IFA welcomes Cotton appointment, deadline back on track
The Institute of Financial Advisers has welcomed the appointment of Annabel Cotton as commissioner for financial advisers, and is confident next year's regulation deadline can still be met.
Friday, May 15th 2009, 7:21AM
by Paul McBeth
Cotton met with IFA delegates, in Wellington, at the institute's annual council meeting yesterday after her appointment, and impressed president Lyn McMorran. McMorran said the appointment has made the 2010 deadline for implementing regulation "realistic", and the next step is for the new commissioner to appoint a committee to write the code of conduct for advisers.
"She's a really positive person who's on the same wavelength" as industry, said McMorran of the new commissioner.
McMorran isn't fazed by Cotton's interim appointment, as it will oversee the bulk of implementation of the regulation. She's been told the new commissioner will work closely with her successor to ensure a smooth transition during the handover next year.
"If they [the Ministry of Economic Development] weren't able to find a suitable candidate, this is the best solution," McMorran said.
Cotton was appointed as the commissioner by Commerce Minister Simon Power yesterday, and will hold the position for up to 12 months while the Ministry of Economic Development engages a recruitment firm to search for candidates both domestically and abroad. The full-term for the candidate will be five years.
Cotton has been a member of the Securities Commission for seven years, and is a director of Genesis Power and Carmel Fisher's investment vehicles Kingfish, Barramundi and Marlin Global.
Paul is a staff writer for Good Returns based in Wellington.
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