New Commissioner of Financial Advisers appointed

The new commissioner is David Mayhew. He is returning to New Zealand and "is recognised internationally as a leading practitioner in contentious financial services regulatory work," Commerce Minister Simon Power says.

He will formally assume the role on January 25 from Annabel Cotton, who was appointed on a temporary basis.

The role of commissioner was created under the Financial Advisers Act. The commissioner will oversee the drafting, approval and implementation of a professional Code of Conduct for authorised financial advisers. The code will set the minimum standards of competence, knowledge and skills, ethical behaviour, client care, and professional training requirements that authorised financial advisers must comply with.

Once the code is implemented, the commissioner will chair the Disciplinary Committee, which will hear complaints against authorised financial advisers. The committee will also conduct disciplinary court proceedings and, when necessary, impose penalties arising from disciplinary proceedings.