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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Annabel Cotton has finished her short reign as Commissioner of Financial Advisers and been replaced by a Kiwi who has been heavily involved in financial services regulation in the United Kingdom.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 12 Comments

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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Comments from our readers

On 21 September 2009 at 3:09 pm Luke said:
..and somebody who used to work for the FSA is a good thing ???

All they lacked was jackboots !
On 21 September 2009 at 3:15 pm Majella said:
..and a lawyer to boot. It's hard to see how h might be looking for simple, elegant systems to manage us "rogues"...
On 21 September 2009 at 3:36 pm Nick said:
A lawyer understanding financial services???
On 21 September 2009 at 3:40 pm Warren Storm said:
If we end up with anything like they have in the UK the rules and regulations will be draconian and ultimately anti-business as many good advisors will be scared-off.
On 21 September 2009 at 3:44 pm Toby said:
Maybe an ex lawyer with FSA experiences is just what this industry needs! Self regulation is dead. Get over it and get up with the play. Maybe you could use those old Blue Chip and Bridge Corp Investment statements to make notes on.
On 21 September 2009 at 4:02 pm Jeff said:
I was involved in discussions prior to the FSA regulating mortgages. Total disaster and even the FSA didn't want the job, it was forced on them from Brussels. Regulators need to understand that with a mortgage the customer is borrowing the money, not investing!
On 21 September 2009 at 4:15 pm Les said:
UK = AUS = NZ =yeah right
On 21 September 2009 at 4:17 pm Mark said:
Consider the wealth and depth of experience David brings to the role and the working understanding of how to implement these cahnages and he is ideal for the role. He gives it 'street credibility' and lets be fair the industry can use all the credibility it can in the wake of the past two years.

On 21 September 2009 at 4:29 pm IFA said:
Here's what IFA says:
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.”
On 22 September 2009 at 2:40 pm Chris said:
For goodness sake, does this mean that there is no one in NZ capable of putting a code of conduct together. What a load of bollocks this is turning into, U.K. version coming up, just what everyone wanted, not!
On 23 September 2009 at 9:37 pm chris2 said:
Chris, to answer your question, there is indeed no one in NZ who has the knowledge,skill & experience to regulate the financial services industry here. If seeing old people get shafted by advisers who have milked them dry is bollocks then you need to wake up and pull your head in.Believe me, this is exactly what we need in this industry so that providers get their backside in shape and advisers finally become accountable for what they do,instead of passing the blame onto the poor investor.
On 29 September 2009 at 6:09 pm John said:
Chris2, your ignorance is palpable. Advisers did not shaft old people. The credit crisis and the resulting loss of investors funds had nothing to do with advisers. Get your facts right. The regulation needed to be levelled at directors and managers of the providers of the product and then at advisor level.
Commenting is closed

 

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