Financial Advisers Disciplinary Committee - Member

On behalf of the Minister of Commerce and Consumer Affairs, the Ministry is seeking candidates who wish to be considered for appointment as a Member of the Financial Advisers Disciplinary Committee (FADC).

About the Committee

The Financial Advisers Disciplinary Committee

The Financial Advisers Disciplinary Committee (FADC) was established in December 2010 by the Minister of Commerce to conduct disciplinary proceedings arising out of complaints regarding financial advisers referred to it by the Financial Markets Authority (FMA).

FADC was established under section 103 of the Financial Advisers Act 2008 (the “Act”).  The purpose of the Act is to promote the sound and efficient delivery of financial adviser and broking services, and to encourage public confidence in the professionalism and integrity of financial advisers and brokers.

The functions of the Committee under section 104 of the Act are:

  • to conduct disciplinary proceedings arising out of complaints regarding authorised financial advisers (“AFAs”) referred to it by the Financial Markets Authority; and
  • to take any of the actions referred to in section 101(3) of the Act as a result of the disciplinary proceeding.

Members are appointed by the Minister of Commerce and Consumer Affairs.

FADC Committee:

As set out in section 105 (4) of the Act the Committee comprises of no fewer than four and no more than six members, including the Chairperson.

The FADC Committee is responsible for:

  • Ensure effective accountability and governance, consistent with the requirements of relevant legislation.
  • Maintaining appropriate relationships with the Minister, Parliament, the Ministry, and the public.
  • Complying with the Financial Advisers Act 2008 (the “Act”).

Members are essentially part of a panel which hears and adjudicates on cases brought by the FMA, requisite to comply with the Financial Markets Authority Act 2011 and the Crown Entities Act 2004

Committee membership

Term of appointment

Members are appointed for terms of up to five years. Members of the Committee may resign by written notice to the Minister of Commerce and Consumer Affairs. Members may be removed from office by the Minister at any time for just cause, and this can include any advice from Ministry personal. 

Remuneration

The fee payable to members for carrying out their duties is set by the Remuneration Authority. The member’s positions are part time, with the meetings schedule determined by the Chair. Members are required to spend time preparing for meetings and on other Committee matters

Person specifications

Specific skills required

The Ministry is seeking members with a set of skills, attributes and experience which will bring an informed and diverse perspective to the Council. Ideally applicants will have:

  • Knowledge of the governing legislation and a broad understanding of financial sector issues.
  • Experience in dispute resolution, disciplinary proceedings or conflict management.
  • An ability to work in a collegial environment and to communicate effectively.
  • The ability to bring a diverse perspective to the Committee.

Additional skills, experience and attributes required

Additionally, Board members are expected to also have knowledge and experience in:

  • Extensive experience in the operation of financial markets.
  • Extensive knowledge of the governing legislation, other relevant legislation and a firm understanding of financial sector issues.
  • Attend Committee meetings and participate fully in all discussions. This includes constructively challenging the views of other Committee members while being collegial and supportive.
  • Knowledge of how financial agents work; the selling of products, including insurance products, personal advice given to individuals clients at a retail level.
  • A high degree of personal integrity and high standards of personal and professional behaviour, including being particularly sensitive to any involvement that might give rise to conflicts of interest.
  • Strong commercial acumen and/or commercialisation and business development skills.

Disclosure of interest

As part of the appointment process, candidates are required to complete a Disclosure Form. The information that is disclosed by the candidates enables the responsible Minister to know the relevant interests and any conflicts that a person may have in relation to an appointment made. The recruitment process can take between three to six months.

Additional information

For enquiries about the position, email: board.appointments@mbie.govt.nz

The Committee’s website(external link) has further information about the Board and its activities.