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14 May 2009

News release

Hon Simon Power, Minister of Commerce

Commissioner for Financial Advisers appointed

The Minister of Commerce, Simon Power, has today announced the appointment of Annabel Cotton to the position of Commissioner for Financial Advisers for a period of up to 12 months.

She will serve as commissioner while the Ministry of Economic Development continues its search for a commissioner to be appointed for the full term of five years.

Mr Power says Ms Cotton's appointment will enable the development of the code of professional conduct for financial advisers to begin.

"One of her first tasks will be to select and appoint members of a code committee.

"This committee will draft the code that will set the minimum standards of competence, knowledge and skills, ethical behaviour, client care, and professional training requirements that authorised financial advisers must comply with.

"I welcome Ms Cotton's experience to this position.

"As a member of the Securities Commission, she has an understanding of the commission's role in the oversight of financial advisers, and has established relationships with other commission members and stakeholders that will enable her to lead and progress the important work required."

Due to other commitments, Ms Cotton is not available to be appointed for a five-year term. She has indicated she will be available to help manage the transition once a full-term appointment is made. The Ministry has engaged an executive search agency to look for candidates in New Zealand and overseas.

Background on Annabel Cotton

Annabel Cotton advises New Zealand-based listed companies on their investor relations programmes. She is a qualified investment analyst and accountant, and has been a member of the Securities Commission for seven years. She is a director of NZX-listed Kingfish Ltd, Barramundi Ltd, and Marlin Global Ltd, as well as Genesis Power and several private companies.