Financial Advisers Disciplinary Committee – Chairperson
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Overview
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 the Chairperson of the Financial Advisers Disciplinary Committee (the Committee).
The Financial Advisers Disciplinary Committee was established to conduct disciplinary proceedings arising out of complaints referred to it by the Financial Markets Authority regarding financial advisers.
About Financial Advisers Disciplinary Committee
The Committee is established under the Financial Markets Conduct Act 2013 (the Act). The functions of the Committee under Schedule 5 clause 50 of the Act are:
- to conduct disciplinary proceedings arising out of complaints regarding financial advisers referred to it by the Financial Markets Authority; and
- to impose penalties ranging from directing the Registrar to deregister the financial adviser to imposing a fine not exceeding $10,000 as a result of the disciplinary proceedings.
Further information on the Committee(external link) - fadc.govt.nz
Chairperson responsibilities
Role of the Chairperson
The Chairperson is responsible for chairing hearings and issuing the Committee’s decision, including:
- Guiding the hearing process to ensure they are conducted in a fair, respectful, and efficient manner,
- Allocating committee members to hearings,
- Ensuring committee members remain free of conflicts of interests.
Member duties
Each hearing is heard and decided by at least three members of the Committee.
Membership
Members are appointed by the Minister of Commerce and Consumer Affairs. Members are appointed for a specified period of up to five years. Members may be removed from office by the responsible Minister at any time.
As set out in Schedule 5 of the Act, the Committee comprises four to six members, including the Chairperson. Apart from the Chairperson, the Minister must appoint:
- at least one member who works or has worked in the financial adviser industry; and
- at least one member who is independent of the financial adviser industry;
- at least one member who is a lawyer with not less than seven years legal experience.
Time commitment and remuneration
The Committee’s workload varies, and it meets as required. Read the Committee’s previous decisions(external link) - fadc.govt.nz.
The fee payable to members for carrying out their duties is set by the Remuneration Authority and is personal to the individual. A determination of remuneration will be made on appointment.
Person specifications
Specific Skills
At this time, the Minister of Commerce and Consumer Affairs is seeking a candidate who is
- a lawyer with not less than seven years’ legal experience.
- The ideal candidate may be a senior legal practitioner with experience in administrative law, dispute resolution, or tribunal processes.
- Consideration will also be given to individuals who have held judicial office, such as a former High Court Judge, or those with similar standing and experience in the legal profession.
- Experience leading in legal or tribunal settings will be highly regarded.
Other skills, experience, and attributes required
- knowledge or experience in the operation of financial markets,
- knowledge of the governing legislation and broad understanding of financial sector issues,
- experience in dispute resolution, disciplinary proceedings, and conflict management,
- high degree of personal integrity and high standards of personal and professional behaviour,
- good analytical and decision-making skills,
- excellent written and oral communication skills.
Additional information
For further enquiries about the position, email: boardappointments@mbie.govt.nz