Members of the Code Working Group

Posted on 15-Mar-2017
Application Close Date: 07-Apr-2017
Job Details
Location:
Wellington
Category:
Boards and Governance
Position Type:
Ongoing - Part Time
Job Reference:
MBIE/1265285
Attachments:
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On behalf of the Minister of Commerce and Consumer Affairs, the Ministry of Business, Innovation and Employment (MBIE) is searching for members for a Code Working Group, to develop the new code of conduct for financial advice.

 

In July 2016, Cabinet made decisions on a number of changes to the Financial Advisers Act 2008. This included that there would be a universal Code of Conduct for all providing financial advice. The code is to be developed by a Code Committee, and will set minimum standards of conduct, competence and client care for persons who give regulated financial advice to retail clients.

 

To expedite development of the code, Cabinet has agreed that a Code Working Group be appointed to develop the code in parallel with the legislative process (i.e. rather than needing to wait for the Financial Services Legislation Amendment Bill to be passed into law).

 

The Code Working Group will prepare a draft code of professional conduct for financial advice for persons who give regulated financial advice to retail clients, for recommendation to the Minister of Commerce and Consumer Affairs.

 

The Code Working Group will have at least seven members (and no more than eleven members) covering a range of skills and experiences, including two members appointed based on their experience in consumer affairs or dispute resolution. Other members must have knowledge, skills and experience in the provision of financial services or in other areas that will assist the Code Working Group to perform its functions. Members of the Code Working Group will be appointed for a three year term, whereby its members will become the Code Committee under the new regime once the Bill is passed into law (should they wish).

 

Appointments are likely to commence by August 2017.

 

For more information, please refer to the attached position description and terms of reference for the Code Working Group; or for enquiries please contact faareview@mbie.govt.nz  

 

To apply please click the ‘Apply online’ button which will take you to our career website where you can read the Terms of Reference. From here you can register your details and submit your Expression of Interest form, along with your cover letter. 

 

Applications close at 5pm, Friday 7 April 2017.