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Code still due in coming months

The Code Working Group is still on track to deliver a code of conduct for financial advisers to Commerce Minister Kris Faafoi early this year, its chairman, Angus Dale-Jones, says.

Monday, February 4th 2019, 6:00AM

The group had its first meeting for the year last week.

The code will determine the conduct requirements for all financial advisers under the new regime.

Dale-Jones said progress was happening according to the group’s work programme.

It was working through preparing a summary of submissions from October, with more work to be done, and drafting an first version of an impact analysis.

There had been minor modifications made to the code to reflect the sign-off of the new level five qualification, he said. “There are further things we just need to spend time considering. We are on track to get something to the minister early this year.”

He said he could not be any more precise than that.

The recent announcement of Government moves to remove problematic incentive structures in insurance, and the Reserve Bank and Financial Markets Authority’s report into the conduct and culture of life insurers, would not affect the code, he said.

“As we understand it, what has been talked about by the Government doesn’t affect the passage of the bill.”

He said the code was designed to sit alongside that bill, focusing on adviser conduct when advice was being given.

It was not in it remit to discuss what scope of advice was appropriate or how advisers should be paid. “We haven’t consulted on things like commission because it’s not in our scope.”

The Ministry of Business, Innovation and Employment said its work on developing regulations, such as what disclosure will be required of advisers, was also unaffected by the Government moves.

Tags: Code Code Working Group FSLAB

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AIA 4.55 3.19 3.19 3.49
AIA Special - 2.69 2.69 2.99
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ASB Bank 4.45 3.19 3.19 3.49
ASB Bank Special - 2.69 2.69 2.99
Bluestone ▼3.49 ▼3.49 ▼3.49 ▼3.49
BNZ - Classic - ▼2.55 2.69 2.99
BNZ - Mortgage One 5.15 - - -
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China Construction Bank 4.49 4.70 4.80 4.95
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Credit Union Baywide 5.65 4.75 4.75 -
Credit Union South 5.65 4.75 4.75 -
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Heartland 3.95 2.89 2.97 3.39
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HSBC Premier 4.49 2.60 2.65 2.80
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HSBC Premier LVR > 80% - - - -
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ICBC 3.99 2.58 2.68 2.79
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Kiwibank 3.40 3.40 3.54 4.00
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Kiwibank - Offset - - - -
Kiwibank Special 3.40 2.65 2.79 3.25
Liberty 5.69 - - -
Nelson Building Society 4.95 3.45 3.49 -
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Westpac 4.59 4.15 4.09 4.49
Westpac - Offset 4.59 - - -
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Median 4.55 3.19 3.22 3.39

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