Code process drags on

Angus Dale-Jones

The Code Working Group’s final draft was submitted to Commerce Minister Kris Faafoi for sign-off on February 28.

But he now has up to three months to consider the code and approve it - and until then, advisers won't find out what it contains.

There will then be another nine months before it comes into force and a two-year transition period for existing advisers to work towards meeting the new competency standards it introduces.

Working group chairman Angus Dale-Jones said the passage of the Financial Services Legislation Amendment Bill (FSLAB) and Faafoi's approval were the two factors that affected when it could release the code.