Mayhew to get Code for approval Friday
Commissioner for Financial Advisers David Mayhew will have a draft code to put forward to the minister on Friday.
Wednesday, July 28th 2010, 6:40PM
by Paul McBeth
Code Committee chairman Ross Butler says they adopted a draft code of professional conduct of authorised financial advisers at their meeting this week, and will formally recommend it to Mayhew. Next week, the committee will release a paper summarising the main issues they had to address and give some background to their decisions.
"We are grateful for this latest input which we have found very useful in helping us to develop the template of principles that will determine level of client care, ethical behaviour and competence for authorised financial advisers," Butler said.
The committee put out their final discussion document earlier this month as the countdown to the new regulatory regime draws closer.
The last revision saw the document carve out wholesale advisers from the regime, focus on personalised advice and tweak the definition of what kind of services are covered.
Butler said the final draft considered feedback from the latest round of written and submissions and discussions at public and private meetings.
The code opened up more education exemptions after the Institute of Financial Advisers lobbied hard for certified financial planners and chartered life underwriters to be recognised.
Paul is a staff writer for Good Returns based in Wellington.
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