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 in June 2020, 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 June 2020, 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.

Members of the Code Working Group

Members of the Code Working Group are appointed for a 3-year term. 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.
  • 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.
  • Brian McCulloch: Brian is an independent consultant, an Independent Director at Utilities Disputes Limited, and a lay member on the Health Practitioners Disciplinary Tribunal.
  • John Berry: John is the CEO of Pathfinder Asset Management, a boutique fund management firm.
  • Graeme Edwards: Graeme is a lawyer and consultant on corporate governance.  He was previously the General Counsel and Company Secretary at ASB Bank.
  • Paul Mersi: Paul is currently an independent director and consultant, and a former Senior Partner and Head of Financial Services at PwC NZ.
  • Rebecca McCleland: Rebecca is a Director in Advisory at KPMG New Zealand and is an Authorised Financial Adviser. She was previously Head of Financial Advice Delivery and Service, Milford Asset Management.
  • Shane Edmond: Shane is Head of Private Client Services at Forsyth Barr and is a member of the current Code Committee.
  • Therese Singleton: Therese is the General Manager, Advice and Sales, at AMP.

Key documents

The code of professional conduct for financial advice services [PDF, 70 KB]

The terms of reference for the Group [PDF, 223 KB] 

A summary about how the Code Working Group will operate [PDF, 142 KB]

Last updated: 07 May 2019