by Paul McBeth
The code will be subject to another round of submissions before Financial Advisers Commissioner David Mayhew and Commerce Minister Simon Power give the final tick-off before it comes into effect by the end of next year, the Financial Advisers Code Committee said in a background note. The committee also announced it will release its first consultation document on competence, knowledge and skill of advisers in the next two weeks.
"The code committee considers that its consultation and engagement should be iterative in nature, rather than consulting only when a complete draft code has been developed," it said in its statement. "The committee prefers to give the sector a clear vision of its thinking in relation to the various aspects of the code as they evolve."
The committee was appointed in July by Annabel Cotton, who was the interim commissioner, to get the sector's regulation back on track. Concerns were raised by the Institute of Financial Advisers and the Professional Advisers Association earlier this year when the Ministry of Economic Development struggled to find a suitable candidate for the commissioner's role, raising the prospect of the 2010 deadline being extended.
The committee will hold public meetings later this month to give stakeholders the opportunity to submit feedback and is open to speaking at sector engagements in November.
The background document said the committee will seek feedback from adviser and industry associations, brokers, product companies, education and training assessment groups, ombudsmen, government departments and agencies, adviser dealer groups, consumer groups, lawyers, consultants, the Legislation Advisory Committee and respondents who have previously made submissions.
Paul is a staff writer for Good Returns based in Wellington.
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