No code before Christmas
A new code of conduct for financial advisers will not be signed off this year.
Thursday, November 15th 2018, 6:00AM
A code of professional conduct that will apply to all financial advisers under the new regie is in development and a round of public consultation on the draft version recently finished.
But while the working group had initially hoped to have a completed document to Commerce Minister Kris Faafoi by the end of this year, it is now expecting not to do so until early 2019.
The new regime will take effect nine months from that point.
“We will be taking some time to review the feedback received and consider where refinements to the draft code are necessary, based on the points raised in submissions,” working group chairman Angus Dale-Jones said.
“Over the next couple of months, we will be updating the code and potentially undertaking some further targeted consultation to discuss points raised by submitters.
“Given this, and recognising the upcoming Christmas break, we are aiming to submit the final draft code to the minister early next year.”
Submitters welcomed the draft as an improvement from an earlier consultation document but questions have been raised about it, particularly in relation to the competence requirements it imposes.
Some submitters said it was inappropriate to allow for flexibility on the level five qualification requirement for those working in a large provider environment, and wanted more clarity on the number of CPD hours required.
At least 50 submissions were made on the draft.
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