Code Committee’s submission: Consultation Paper – Proposed exemption to facilitate personalised robo-advice
The Code Committee has submitted on the FMA’s Consultation Paper that proposes to issue a class exemption to facilitate the provision of personalised robo-advice services. You can find the Committee’s submission here
Code Committee members reappointed
Two members of the Code Committee have been reappointed by the FMA. David Ireland (Chair) and Gary Young have each agreed to extend their term for 3 years or until the Committee is disestablished, whichever occurs earlier. Code Committee members details can be found here
The Code Committee notes the decision of the Financial Advisers Disciplinary Committee (FADC) published on 22 June 2017. The decision can be viewed here.
FADC found that the respondent AFA had breached Code Standards 6(b) and 12 in relation to certain aspects of the AFA’s pension transfer service, and had breached Code Standards 6(c) and 12 in relation to one instance of providing insurance advice, but found that no breach had been made out in relation to Code Standards 1, 2, 5, 6(a), or 7-9.
The Code Committee welcomes the FADC’s discussion of these Code Standards, and will consider the comments made by the FADC and their implications when the Code Committee next meets.
Code Committee departure
Dimity Kingsford Smith has stepped down as a Code Committee member, effective 31 March. Code Committee members details can be found here.
Code Committee’s submission for: Consultation Paper – New Financial Advice Regime: The draft Financial Services Legislation Amendment Bill and proposed transitional arrangements - see here.
A final version of the Code, which comes into effect on 1 December 2016, has now been published.
Code Committee members reappointed - see more.
The revised Code of Professional Conduct for Authorised Financial Advisers (AFAs) has been approved by the Minister of Commerce and Consumer Affairs Paul Goldsmith.
Code Committee members reappointed - see more
Final Issues Response Paper on the revised draft Code of Professional Conduct for Authorised Financial Advisers now released
Revised draft Code of Professional Conduct for Authorised Financial Advisers recommended for approval - see more
Further Consultation on Code of Professional Conduct: The final exposure draft of the Code now released.
The Code Committee has submitted on the Options Paper released as part of MBIE’s review of the Financial Advisers Act. You can read our submission here.
The Code Committee has released the issues response paper and the updated exposure draft of the Code of Professional Conduct for Authorised Financial Advisers.
Commerce Minister Craig Foss today announced a revised Code of Professional Conduct for Authorised Financial Advisers. See Minister's news release
Code of Conduct consultation begins See news release
Chair for Financial Adviser Code Committee re-elected See news release
The Code Committee for Authorised Financial Advisers (AFAs) has elected David Ireland as Chair for the next 12 months. See news release
FMA announces appointment and reappointments to Code Committee See news release
Adviser regulation ready to 'go-live' on 1 December See news release
Minister approves code of conduct for financial advisers See Minister's news release
Publication: Issues Paper in relation to the 2nd draft of the Code of Professional conduct for Authorised Financial Advisers See publication
Revised Code of Professional Conduct for Authorised Financial Advisers Submitted See news release
The Code Committee today formally recommended that the Commissioner for Financial Advisers consider and approve the Draft Code of Professional Conduct for Authorised Financial Advisers.
See news release
The Financial Service Providers (Pre-Implementation Adjustments) Act which amends the regulatory framework established under the Financial Advisers Act 2008 and the Financial Service Providers (Registration and Dispute Resolution) Act 2008 has been passed by Parliament.
Please see the Code Committee update on the next steps for finalisation of the Code.