Financial advisers' draft Code of Conduct released for consultation

31 March 2010

The Code Committee has today released the draft Code of Professional Conduct for Authorised Financial Advisers for public consultation.

The draft Code outlines the minimum standards of professionalism that all Authorised Financial Advisers (AFAs) will be expected to meet under the new regulatory regime for financial advisers.

The Code Committee is an independent committee appointed by the Commissioner for Financial Advisers. The Code Committee has been developing the draft Code over the last eight months.

Code Committee chairman Ross Butler said the Committee had consulted widely in order to develop the draft Code.

"We appreciate the large number of submissions and feedback we have received. Through our work with consumers, advisers, professional bodies, companies, government agencies and training and assessment providers we have taken into account a great number of different views. We're confident the result is a draft Code that is consistent with the purpose of the Financial Advisers Act - to promote sound and efficient delivery of financial advice and encourage public confidence in financial advisers," Mr Butler said.

Mr Butler said a series of information meetings on the draft Code will be held around the country in early April and that interested parties were encouraged to submit their feedback.

The deadline for submissions is 5.00pm, 7 May 2010.

The Code Committee will consider all feedback, make any changes necessary to the draft Code and present it to the Commissioner for Financial Advisers for approval in June 2010. Following this, the Code will be submitted to the Minister of Commerce for final approval and gazetting.

The draft Code, more information about the meetings and how to make a submission can be found on the Code Committee website at www.financialadvisercode.govt.nz

Ends

For more information, please contact:
Ross Butler, Chairman, Code Committee, phone 021 359 899

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