Code Committee members reappointed
The Financial Markets Authority has announced the reappointment of two members of the Code Committee. The Committee was established in July 2009 to draft a code of Professional Conduct for Authorised Financial Advisers (AFAs).
Tuesday, July 5th 2016, 9:48AM 
2 Comments
David Ireland, chairman, and Gary Young have each agreed to extend their term for another year to 29 July 2017. The Financial Advisers Act sets Committee membership at between seven and 11. Currently it has nine members.
The Code of Professional Conduct for AFA’s has recently been revised by the Committee after completing a consultation process as required under the Financial Advisers Act. The draft code has been approved by the Financial Markets Authority and will be forwarded to the Minister of Commerce and Consumer Affairs for approval. The committee anticipates the revised Code will come into force by the end of the year.
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On 8 July 2016 at 11:05 am Brent Sheather said:
Hi Pragmatic
A number of the Code Committee members are client-facing but their clients are on the other side of the transaction and that is why we have seen Code Committee members argue and lobby the FMA for unfair performance fees. Goodness knows what the other guys get up to in their spare time but you can bet your boots they are not going to bite the hand that feeds them. Also I was an expert witness in a trial of one of the firms that one of the Code Committee members works for. The employee’s activities were absolutely disgraceful – I am going to write about this sooner or later.
Regards
Brent
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. David Ireland, Lawyer
. Jon Duffy, Trade Me
. Ross Butler, Independent director
. Shane Edmond, Sharebroker
. Prof. Dimity Kingsford-Smith, Academic
. Gary Young, Insurance executive
. Stephen O’Connor, Financial Adviser
. Martin Hawes, Author
. Melanie Biss, Bank lawyer
In order to shape the industry, it would be useful to look back at it through the consumers eyes. To do this effectively, it is helpful to have financial relationships with consumers in the first place.