Code revision shouldn't slow process: Butler
The Commissioner for Financial Advisers David Mayhew yesterday issued a letter saying he is not satisfied that the draft Code is consistent with the Financial Advisers Act and he has directed the Code Committee to revise three areas - the background to the Code, Code Standard 5 and Code Standard 8.
Code Committee chairman Ross Butler says he wants to make it clear the draft Code has not been rejected, that revisions need to be made which the Committee is more than capable of making quickly within the original timetable.
He says the fact the Commissioner has outlined that no further consultation or submissions are required shows the matters raised are not substantive.
Code Committee member and Kensington Swan partner David Ireland says the Committee already had a meeting planned for Thursday where it will revise the draft Code and return it to the Commissioner within days.
Click the button below to subscribe and will have free unlimited access for a limited time to full article and all other articles on the site.
You will also be able to comment on articles on Good Returns.
