Financial Advice Code Committee – Member
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On behalf of the Minister for Commerce and Consumer Affairs, the Ministry of Business, Innovation and Employment (MBIE) is seeking candidates who wish to be appointed as a member of the Financial Advice Code Committee (the Committee).
About the Committee
The Committee is Aotearoa New Zealand’s independent standard setter for financial advice, assisting the Minister in relation to the Code of Professional Conduct for Financial Advice Services.
The Committee sets the professional conduct standards of financial advisers in their interactions with, and services provided to New Zealanders. The Committee is an independent body and is established by Part 4 of Schedule 5 of the Act.
The Committee’s ongoing functions include:
- Reviewing the Code from time to time to make sure it remains relevant and fit-for-purpose.
- Recommending to the Minister changes to the Code if needed.
- Liaising with the Minister, the Financial Markets Authority, and financial advice and consumer stakeholders.
Committee member responsibilities
Role of Committee members
Committee members are required to:
- be prepared for meetings and consider issues with an open mind.
- review and maintain relevant standards for financial advice, in consultation with interested parties.
- help to ensure the Committee meets its procedural requirements.
- constructively challenge ideas where appropriate.
- be available to attend scheduled meetings and/or engagement activities.
Membership of the Committee
Members of the Committee are appointed by the Minister.
The Committee consists of at least seven members, and no more than eleven members, including one appointed as chairperson. Members are appointed as follows:
- Two persons who are each qualified for appointment because of their knowledge of, and skills and experience in relation to, consumer affairs or dispute resolution, and
- Other persons who are each qualified for appointment because of —
- their individual knowledge of, and skills and experience in relation to, the provision of financial services, or
- any other appropriate knowledge, skills and experience that will assist the Committee to perform its functions.
Members are appointed for terms of up to three years. Members may resign by written notice to the Minister. Members may be discharged from office by the Minister at their discretion.
Time commitment and remuneration
Members of the Committee are required on a part-time basis. Time commitments will vary depending on the Committee’s workload and at peak times are unlikely to be more than 2 days per month.
Committee meetings are usually completed online, but occasionally travel may be required for members to meet in person for complex issues, which will be arranged by the Chairperson or the Secretariat.
The fee payable to members for carrying out their duties is set by the Remuneration Authority and is personal to the individual. A determination will be made on appointment.
Person specifications
Specific skills required
At this time the Minister of Commerce and Consumer Affairs is seeking candidates who wish to be considered for appointment to one of either of two member roles on the Financial Advice Code Committee:
Role one – consumer representative
- Experience in financial advice, financial services, financial education, economics, law, financial capability, or another relevant field.
- Proven experience representing consumer interests, especially in financial services or related sectors
- Understanding of the challenges and needs of retail clients (consumers) in financial decision-making.
Role two – financial adviser
- Work or have worked in the financial adviser industry.
- Demonstrated ability to provide regulated financial advice to retail clients.
- Strong familiarity with the Code of Professional Conduct for Financial Advice Services.
Other skills, experience, and attributes required
- Be well-prepared for meetings, actively participate in discussions, and engage with stakeholders when required.
- Willingness to work constructively with others, challenge ideas respectfully, and reach consensus where possible.
- Be well-prepared for meetings, actively participate in discussions, and engage with stakeholders when required.
Additional information
For enquiries about the position, email: boardappointments@mbie.govt.nz
More information about the Committee(external link) - financialadvicecode.govt.nz