No code before Christmas

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.