Cotton explains why Code Committee members pushed
The need for public confidence in the current reforms was the reason behind the resignations of two code committee members, according to Commissioner for Financial Advisers Annabel Cotton.
Director of Moneymax Liz Koh and former head of wealth management at Westpac Patrick Middleton handed in their resignations after the recent Consumer magazine mystery shopper report “rejected” the advice given by both of these firms.
Cotton told Good Returns that she would not comment on survey, its quality or its findings, but said that the Financial Advisers Act’s “purpose is to encourage public confidence in the industry” and she “indicated to the members the risk of confidence in the code committee diminishing.”
“My concern was that there was a strong possibility, probability, that confidence would diminish somewhat in the committee,” Cotton said.
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