New Commissioner of Financial Advisers appointed
Annabel Cotton has finished her short reign as Commissioner of Financial Advisers and been replaced by a Kiwi who has been heavily involved in financial services regulation in the United Kingdom.
Monday, September 21st 2009, 2:42PM 
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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.
"I would like to thank Ms Cotton for taking up the role in April this year and for establishing the committee that is working on the Code of Conduct," Power said.
Cotton will remain a member of the Securities Commission. Mr Mayhew will automatically be a member of the commission.
Who is Mayhew?
David Mayhew was the United Kingdom's Financial Services Authority's Leading Advocate from 2001 to 2005, and during 2005 was its Acting Director for Enforcement.
Before joining the Financial Services Authority, he was a partner in London at Clifford Chance LLP for 14 years. He returned to private practice at the end of 2005 and has since been a partner at Herbert Smith LLP.
Throughout his career, he has been involved in many high-profile financial litigation and regulatory cases, including cross-border investigations relating to financial regulation, market abuse and misconduct. He sat as a Recorder (part-time judge) for criminal jury trials in the English Crown Court from 1999 until 2005.
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The Institute of Financial Advisers (IFA) is pleased with the appointment of David Mayhew as the permanent Commissioner to Financial Advisers as this will provide certainty during the transition to regulation.
Mr Mayhew is to return to New Zealand from Britain in January to assume responsibility from temporary commissioner Annabel Cotton.
IFA president Lyn McMorran says the IFA has worked well with Annabel in her short time at the role. “We have a very high level of involvement with the regulators which has been mutually beneficial and we hope that that will continue. We look forward to a smooth transition during the changeover period and are willing to assist in any way.”
The commissioner will oversee the drafting, approval and implementation of a professional Code of Conduct for financial advisers.
“Mr Mayhew has an impressive reputation and we look forward to providing him with an understanding of the New Zealand environment. The aim of the regulation is to provide confidence in seeking financial advice to the NZ consumer and we believe, together with the IFA, the Commission can achieve that.”
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All they lacked was jackboots !