Members clear way for IFA’s new disciplinary bylaw
The Institute of Financial Advisers' new disciplinary bylaws to bring it in line with other professional organisations have been passed by its membership at its council meeting last month.
Thursday, June 4th 2009, 6:44AM
by Paul McBeth
The changes, which took effect at the start of this month, will see the IFA take stronger ownership of the complaints process, with the body pursuing complaints rather than the aggrieved client.
"This is what you expect of a professional body," said president Lyn McMorran. "The bylaw was passed by our membership" and wasn't just rubber-stamped by the council body, she said.
The Complaints Committee will now be known as the Professional Conduct Committee, and have a greater emphasis on seeking remedial action rather than punishment for less serious charges.
The Disciplinary Committee will become the Disciplinary Tribunal and will deal with more serious matters in hearings open to the public. The tribunal will be able to limit access to the hearings and suppress the publication of members' names if it chooses.
Last month the IFA published the names of two members who pleaded guilty to serious breaches of the body's ethics code in a "name and shame" exercise. The move prompted some concern among advisers who were upset by the decision to name the pair.
Complaints over events that occurred before the June 1 date will be dealt with under the old bylaws.
Paul is a staff writer for Good Returns based in Wellington.
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