Financial Advice Code Working Group
In June 2017, the Minister of Commerce and Consumer Affairs appointed a Financial Advice Code Working Group to develop the new code of conduct for financial advice.
The new code of professional conduct for financial advice services
The new code sets standards of competence, conduct and client-care for the whole financial advice industry. These standards will apply after the Financial Services Legislation Amendment Act comes into force.
The Code Working Group consulted with the financial advice industry and consumers on a new Code in October/November 2018 and March/April 2018. The Code of Conduct has now been approved, though it is not yet in force.
The Code of conduct will come into force on 15 March 2021, when the new financial advice regime established by the Amendment Act is expected to come into force. This provides time for industry to familiarise themselves with the new regime and Code requirements and prepare to comply with them.
After the new regime comes into effect in March 2021, there will also be a further two-year transition period that includes a safe harbour for existing advisers to continue providing the advice they are able to provide under the current Financial Advisers Act regime while they work towards meeting the new competency standards set by the Code.
The Code Committee under the current regime will retain its mandate until the new financial advice regime takes effect.
- Read more about the Code Committee on the Financial Adviser Code page(external link)
- Read more about the Code Working Group consultation
- Read more about the Financial Services Legislation Amendment Act on the page for the Review of the Financial Advisers Act 2008.
Members of the Code Working Group
Members of the Code Working Group were appointed for varying terms. The Code Working Group will become the Code Committee under the new regime.
- Angus Dale-Jones (Chair): Angus was previously an independent board member of the Professional Advisers Association (PAA). He also chaired a joint PAA and Institute of Financial Advisers committee to design a new professional association. He is now an independent consultant with financial services clients in New Zealand and Australia. Angus’ current term as Chair of the Code Working Group will expire on 31 July 2023.
- Barbara Benson: Barbara was previously Manager, Teacher Education at the Education Council of Aotearoa New Zealand, a Ministerial-appointed layperson on the Veterinary Council of New Zealand, and a member of the National Animal Ethics Advisory Committee. Barbara’s term as a consumer representative on the Code Working Group will expire on 31 July 2023.
- Dr Brian McCulloch: Brian is an independent consultant, an Independent Director at Utilities Disputes Limited, and a lay member on the Health Practitioners Disciplinary Tribunal. Brian’s term as a consumer representative on the Code Working Group will expire on 31 July 2021.
- John Berry: John is the CEO of Pathfinder Asset Management, a boutique fund management firm. John’s term on the Code Working Group will expire 31 July 2021.
- Graeme Edwards: Graeme is a lawyer and consultant on corporate governance. He was previously the General Counsel and Company Secretary at ASB Bank. Graeme’s term on the Code Working Group will expire on 31 July 2023.
- Paul Mersi: Paul is currently an independent director and consultant, and a former Senior Partner and Head of Financial Services at PwC NZ. Paul’s term on the Code Working Group will expire on 31 July 2022.
- Rebecca McCleland: Beckie is General Manager Risk, at Partners Life. Beckie’s term on the Code Working Group will expire on 31 July 2022.
- Shane Edmond: Shane is Head of Private Client Services at Forsyth Barr and is a member of the current Code Committee. Shane’s term on the Code Working Group will expire on the 31 July 2021.
- Therese Singleton: Therese is the Executive General Manager, at AMP Life. Therese’s term on the Code Working Group will expire on 31 July 2022.