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Minister Welcomes Draft Code Of Conduct For Financial Advisers

Contributor:
Fuseworks Media
Fuseworks Media

Commerce Minister Simon Power has today welcomed the publication of the draft Code of Professional Conduct for Authorised Financial Advisers.

The draft code, published by the Securities Commission's Code Committee, sets the minimum standards of competence, knowledge and skills, ethical behaviour, and client care which authorised financial advisers will have to meet.

"This is a critical milestone in the implementation of financial sector reform," Mr Power said.

"The new regime will improve the standard of disclosure made by advisers and will ensure that meaningful information is provided to consumers.

"I'm greatly encouraged by the progress the Code Committee has made and believe they have developed standards that will foster greater confidence in financial advisers.

"I strongly urge advisers and consumers to participate in the development of the code to ensure it is effective and enduring.

"The code also imposes tailored obligations on advisers to businesses and wholesale clients. There's a broader question around the treatment of wholesale advisers under the regime, and this is a matter for the Commerce Select Committee to consider as part of its consideration of the Financial Service Providers (Pre-Implementation Adjustments) Bill." Submissions on the Code need to be made by 7 May 2010 via email to: consultation@financialadvisercode.govt.nz

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