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Adviser calls on David Clark to name new appointees to code committee

A senior adviser is urging Commerce and Consumer Affairs Minister David Clark to name the two people he says he has appointed to the Financial Advice Code Committee.

Wednesday, June 22nd 2022, 5:59AM 2 Comments

by Jenni McManus

Earlier this year the adviser wrote to Clark, pointing out that the committee had been operating in breach of its statutory requirements since July 2021 as it had only six members instead of the required seven.

As minister, Clark is required by law to appoint new members to maintain the statutory minimum.

Last week the adviser received a reply from Clark, stating that two new members were appointed in mid-April. But the minister failed to give their names and, two months later, the committee’s website is still showing only six members.

Good Returns emailed committee chairman Angus Dale-Jones, who is travelling in Europe, asking for the names of the two appointees. Dale-Jones responded by saying he anticipated the committee’s website would be updated “in a few days” and he could talk later in the week when he was back in New Zealand.

The adviser says he is pleased that Clark has formally recognised that the committee did not meet the statutory requirements.

He has searched the committee’s website and that of MBIE but no announcement naming the new members appears to have been made. Nor has there been a release from the minister’s office.

So, he has written back to the minister. “I cannot understand why the appointments you have made have not been publicly promulgated,” he said. “Maybe you would be so kind as to tell us whom you have appointed.”

Tags: David Clark

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Comments from our readers

On 24 June 2022 at 7:47 am Murray Weatherston said:
Without fanfare, the following names suddenly appeared yesterday of the Financial Advice Code official website as the new mwmbers.

Karen Coutts: Karen is an Independent Governor experienced in iwi and pan-Māori governance with a special interest in Māori economic development including where Māori or iwi have shown interest in financial services. She affiliates to Ngāi Tahu and Te Aitanga-a-Māhaki. Her term as a consumer representative on the Code Committee expires on 10 April 2025.

Erin Jurgeleit: Erin is a consultant on product development, risk management and regulatory compliance for technology companies. She was previously the Head of Insurance Product at Next Insurance and a senior leader in PayPal’s product and engineering team. Her term on the Code Committee expires on 10 April 2025
On 25 June 2022 at 9:17 am Pragmatic said:
Given the line-up, I was surprised to see that members of the Wiggles were not included

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Lender Flt 1yr 2yr 3yr
AIA 5.95 4.85 5.35 5.65
ANZ 5.94 5.95 6.40 6.59
ANZ Blueprint to Build - - - -
ANZ Special - 5.35 5.80 5.99
ASB Bank 5.85 ▲5.35 ▲5.80 ▲5.99
Avanti Finance 5.95 - - -
Basecorp Finance 6.95 - - -
Bluestone 5.89 7.49 8.09 8.19
BNZ - Classic - 5.35 5.69 5.99
BNZ - Mortgage One 5.94 - - -
BNZ - Rapid Repay 5.94 - - -
Lender Flt 1yr 2yr 3yr
BNZ - Std, FlyBuys 5.94 5.95 6.29 6.59
BNZ - TotalMoney 5.94 - - -
CFML Loans 6.45 - - -
China Construction Bank 5.50 5.40 6.14 6.40
China Construction Bank Special - 4.45 5.19 5.45
Co-operative Bank - First Home Special - 4.75 - -
Co-operative Bank - Owner Occ 5.85 4.85 5.35 5.65
Co-operative Bank - Standard 5.85 5.35 5.85 6.15
Credit Union Auckland 5.95 - - -
First Credit Union Special 5.85 ▲5.35 ▲5.85 -
Heartland Bank - Online 4.10 ▲4.90 ▲5.29 ▲5.59
Lender Flt 1yr 2yr 3yr
Heretaunga Building Society 6.10 ▲5.35 ▲5.80 -
HSBC Premier 5.89 4.39 5.15 5.39
HSBC Premier LVR > 80% - - - -
HSBC Special - - - -
ICBC 5.25 4.39 5.09 5.45
Kainga Ora 5.43 4.57 5.58 5.85
Kainga Ora - First Home Buyer Special - - - -
Kiwibank 5.50 ▲6.19 ▲6.69 ▲6.79
Kiwibank - Offset 5.50 - - -
Kiwibank Special 5.00 ▲5.19 ▲5.69 ▲5.89
Liberty 4.84 - - -
Lender Flt 1yr 2yr 3yr
Nelson Building Society 6.45 5.55 6.15 -
Pepper Money 4.49 - - -
Resimac 6.19 5.60 6.16 6.29
SBS Bank 5.79 5.05 5.69 5.89
SBS Bank Special - 4.55 5.19 5.39
Select Home Loans 4.09 4.29 4.86 5.09
TSB Bank ▲6.30 ▲5.65 5.79 ▲6.45
TSB Special ▲5.50 ▲4.85 4.99 ▲5.65
Unity 5.65 4.95 5.55 -
Wairarapa Building Society 5.74 4.95 5.75 -
Westpac 5.94 ▲5.95 ▲6.29 ▲6.59
Lender Flt 1yr 2yr 3yr
Westpac - Offset 5.94 - - -
Westpac Special - ▲5.35 ▲5.69 ▲5.99
Median 5.87 5.35 5.72 5.99

Last updated: 29 June 2022 9:23am

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