Securities Commission Release: Committee appointed to set competence standards for financial advisers


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21 July 2009

News release

Committee appointed to set competence standards for financial advisers

A 10-member committee has been appointed to develop competence standards for financial advisers. Announcing the appointments, Commissioner for Financial Advisers Annabel Cotton says she is delighted to see such a high-calibre group of New Zealanders committed to making the financial adviser industry more professional.

"This multi-skilled committee brings together a wealth of local and overseas knowledge and experience in the financial sector, covering law, governance, banking, insurance, stock broking, funds management, commerce, education and consumer advocacy," she says.

The independent committee will develop the code of conduct that financial advisers will be legally obliged to comply with from late 2010. "The code will commit the adviser industry to do business in a professional and ethical manner. It will also determine the qualifications and level of experience they need to be authorised advisers."

Legislation requires the Code Committee to have between seven and 11 members. Seven of the new appointments are for three-year terms; the other three members will serve one year. "This reflects the fact that initial set-up of the code will be the bulk of the work. It also gives us the flexibility to vary membership to suit future requirements," says Ms Cotton.

The committee will meet at the end of the month to appoint a Chair and begin work on developing the code. Public feedback recently provided in response to the Securities Commission's staff paper on adviser competence will be provided to the Code Committee.

Ms Cotton expects the code to be drafted by early 2010.

Code Committee members

Three-year appointments:

Sue Brown, Auckland/Wellington
Partner, DLA Phillips Fox
General Counsel, Corporate at Public Trust
25 years experience in financial services law in New Zealand, Australia and the UK

Pip Dunphy, Auckland
Independent director
Current positions include: Chair, Mint Asset Management; Director, NZ Post; Director, Crown Health Financing Agency; Director, Accident Compensation Corporation; Council member, AUT and Monetary Policy Adviser to the Governor of the Reserve Bank

Shane Edmond, Christchurch
Manager of Retail Broking, Forsyth Barr Ltd
22 years experience in stockbroking/investment adviser industry

Liz Koh, Paraparaumu (Wellington)
Director of Moneymax (financial planners)
Experience includes financial planning, general management, management consulting, strategic planning, business research and financial writing

Patrick Middleton, Auckland
Head of Wealth Management, Westpac
Nine years financial planning and investment management experience and 10 years in banking

David Russell, Wellington
Consumer issues consultant and director
Directorships include: Chair, Telecommunications Dispute Resolution Council and member of the Real Estate Agents Licensing Board
Former Chief Executive of the Consumers' Institute

Michael Staal, Auckland
Joint Managing Director of: New Zealand Financial Planning Company Limited, NZFP Asset Management Limited and Auckland Financial Services Limited

One-year appointments:

Ross Butler, Nelson
Professional and independent director
Directorships include: Chairman, Mortgagelink (mortgage brokers) and director Triplejump (life insurance advisers)
Former Executive Chair and Director of GIO Financial Services Australia and chair of the Institute of Financial Advisers of New Zealand (IFA)

David Ireland, Wellington
Partner, Kensington Swan
18 years experience in financial services law
Chair, Association of Superannuation Funds of New Zealand

Gary Young, Auckland
Chief Executive, Insurance Brokers Association of New Zealand Inc (IBANZ)
27 years experience in insurance broking

Ends

Contact: Roger Marwick, ph 04 471 7659

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