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Advisers want stability around regulation: Butler

Stability and consistency around regulation is the main thing advisers want to see now, according to newly reappointed Code Committee chairman Ross Butler.

Thursday, August 11th 2011, 7:36AM

Butler, who was yesterday reappointment as chairman for another three year term, said that while there may be some further development of the Code, stability is the main focus now.

"Clearly we don't want to be giving an impression at all that there's going to be massive change around the corner because the thing that advisers and their professional bodies and companies want at the moment is stability," he said.

"We've managed to get people through to authorisation, those that require it, and I think the main aim at the moment is to provide that sense of stability and consistency."

Butler did say however that the work of the Code Committee would be ongoing and that some aspects may be open to changes.

"Over time we've clearly indicated - we sent signals even during the development of the Code - we will be considering the competence standards, the standards around client care and ethical behaviour and we'll be seeking to slowly but surely improve those so that we do get to a situation where consumers see advisers as being professionals."

Butler also highlighted the recent release of the draft of the Financial Markets Conduct Bill as another possible development that could affect the Code.

"There are some matters there that relate to the interface between the Financial Advisers Act and the Financial Markets Conduct Bill, in some cases the suggestion is particular matters may be better handled under the Financial Markets Conduct Bill rather than under the Financial Advisers Act," he said.

"That could of course have some flow on to the Code."

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