No advisers on Code Committee. No problem: Cotton
Patrick Middleton and Liz Koh were forced to resign from the committee last week, sparking concern that it now contains few frontline advisers.
Murray Weatherston, principal of Financial Focus, says Michael Staal is the only authorised financial adviser practitioner left on the committee and there is now no representation for smaller advisory firms, or the bank/wealth management companies.
Weatherston says: "Part of me says it probably doesn't matter at the end of the day because the officials would have sorted out what is going to happen anyway.
"But the more charitable part of me says presumably these people were picked not only for their personal skills but because they represented a different stakeholder group. Now it seems to me there are two major stakeholder groups that don't actually have a say at the table."
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