Code Committee named

The 10-member Code Committee was revealed this morning with the list dominated by non-practitioner individuals.

Tuesday, July 21st 2009, 10:46AM 6 Comments

by David Chaplin

While the code list included some names familiar to financial advisers, most appeared to be from the legal and managerial side of the finance industry.

In a statement, Annabel Cotton, Commissioner for Financial Advisers, applauded the Code Committee, saying it was a “multi-skilled committee [that] 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”.

The Committee is due to meet at the end of July to appoint a chair before drafting a code of conduct for authorised financial advisers.

“The code will commit the adviser industry to do business in a professional and ethical manner,” Cotton said.

“It will also determine the qualifications and level of experience they need to be authorised advisers.”

The three-year appointments to the Code Committee members are:

Sue Brown – DLA Phillips Fox partner and Public Trust general counsel corporate;
Pip Dunphy – Independent director whose current positions include – chair, Mint Asset Management; director, NZ Post, Crown Health Financing Agency, Accident Compensation Corporation; council member, AUT and monetary policy adviser to the governor of the Reserve Bank;
Shane Edmond – manager of retail broking, Forsyth Barr, Christchurch;
Liz Koh – director of Wellington-based financial planning firm Moneymax;
Patrick Middleton – head of Westpac wealth management;
David Russell – former head of the Consumers' Institute and currently consumer affairs consultant and director on various boards;
Michael Staal – joint managing director of New Zealand Financial Planning.

The committee also includes three individuals appointed for a one-year term:

Ross Butler – former chair of the Institute of Financial Advisers (IFA) who now holds several director positions;
David Ireland – Kensington Swan partner and Association of Superannuation Funds of New Zealand (ASFONZ) chair;
Gary Young – Insurance Brokers Association of New Zealand (IBANZ) chief.

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Comments from our readers

On 21 July 2009 at 12:57 pm John Ashby said:

My first reaction is that that life Insurance Advisors are not represented. Plenty of Lawyers and Financial planners. Therefore I worry at the unnecessary complexity of the new regulations that will probably
be produced.

On 21 July 2009 at 5:43 pm Graeme Lindsay said:

Life Insurance brokers should line up to the left for short straws... None of this erstwhile group would have any idea of the role of a life insurance specialist... Must be about time for me to retire!
Graeme Lindsay

On 22 July 2009 at 3:37 pm Malcolm de Joux said:

As stated by Graeme- not one insurance related person and what's worse not one of these people appear to me to have been in a client relationship where an insurance product has been involved. Not much chance of a fair representation of the coal face realities of this profession. Just beruacratic BS to justify a political knee jerk reaction to a market that was out of control at the highest levels. Solution push it down to the peasants at the bottom because they have no voice. Well, we'll see about that.

On 24 July 2009 at 3:06 pm John Scobie said:

Buggar the insurance sales men what about those that use a financial advisor. a golden opportuity has been missed to include a/some laymen on the committe to ensure that the clients interests are looked after.

On 25 July 2009 at 6:19 am James Camons said:

Well gents, it is a global phenomenon, this industry has been targeted the world over it's only going to get worse. Good Luck boys and girls.

On 26 July 2009 at 10:02 pm Harry Potter said:

Reminds me that a committee was once defined as 'a group of the unwilling, picked by the unfit, to do the unnecessary'.

I wish on them the wisdom of Solomon. They will need it.

Code Committee named

The 10-member Code Committee was revealed this morning with the list dominated by non-practitioner individuals.

Tuesday, July 21st 2009, 10:46AM 6 Comments

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