• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar
  • Skip to secondary sidebar
  • Skip to footer

  • Subscribe
  • Twitter
  • RSS Feed

Investment News NZ

Investment News provides financial advisers news stories from the financial industry in New Zealand. Subscribe to our free weekly newsletter.

  • Home
  • News
  • Kiwisaver
  • Subscribe
  • About
  • Advertise
  • Contact
You are here: Home / Investment News / … as working group plants code operational rules

… as working group plants code operational rules

August 13, 2017

Angus Dale-Jones: Code Working Group chair

The Code Working Group (CWG), set up this month to landscape the new incoming financial advisory regime, has laid the groundwork for its own one-year growth plan.

In a paper published last week, the CWG will oversee the development of a new adviser code of conduct – due to take root in August 2018 – that will shift from the current “occupational” model to a “service” focus.

The revised scope of the adviser code, set to go live under the Financial Services Legislation (FSL) delivered to Parliament last month is also “now able to differentiate types of advice, product or other circumstances”, the CWG paper says.

An enlarged adviser code of conduct will further need to take into account “purposive requirements to improve availability and quality of advice (potentially contrary objectives)”.

“… as adviser regulation moves into the FMC [Financial Markets Conduct Act], conduct considerations – and the FMA [Financial Markets Authority] focus on ‘consumer outcomes’ – become directly relevant to the code,” the CWG operational plan says.

During its code rewriting process the CWG – headed by Angus Dale-Jones, former supervision director Securities Commission (the FMA forerunner organisation) – will refer directly to four other groups: the current Code Committee; the Financial Advisers Disciplinary Committee; the Skills Organisation; and, “relevant overseas bodies” including the Australian Securities and Investments Commission (ASIC).

Unlike the current Code Committee, however, the CFG will consult directly to the FMA during the year of redrafting.

“The CWG is accountable directly to the Minister, has a secretariat provided by MBIE [Ministry of Business, Innovation and Employment], and operates independently of the regulator,” the paper says. “However, the CWG is required to consult with FMA, not least because the code is pivotal to the FMA’s licensing and supervision processes”.

According to the paper, the ambit of the new code will extend well beyond its current borders to include “much of the financial services industry”.

“Given the increasing interest in digital advice and digitally assisted advice, particular attention will be paid in ensuring that consultation reaches fintech expertise,” the CWG paper says.

The CWG will embark on a range of formal consultations, roadshows, focus groups, and online communications in October or November this year prior to releasing a “preliminary draft code” for comment by April 2018 at the latest.

Print Friendly, PDF & Email
Twitter0
LinkedIn0
Google+0
Facebook0

Read More » Investment News

Recent articles

  • Vale Brian Gaynor May 16, 2022
  • COFI passes second after lukewarm session May 15, 2022
  • Kōura drives for special KiwiSaver niche; Aurora hits $50m May 15, 2022
  • NZ Super tops-up top ranks, buys low as market tanks May 15, 2022
  • Master trusts sink as sector condenses May 15, 2022
  • Holding pattern: custody licensing stalled but not forgotten May 15, 2022
  • Responsible man makes NZ landfall; Magellan tidies up top table May 15, 2022
  • Prescriptive proposals see BlackRock back-track on proxy support May 15, 2022
  • Apostle sees deep green future in NZ May 15, 2022
Finished reading? Why not subscribe? To receive a weekly email enter your email address here.

Primary Sidebar

WEEKLY NEWSLETTER

Sign up here to receive our weekly newsletter.
Learn More »

Investment News

  • Vale Brian Gaynor May 16, 2022
  • COFI passes second after lukewarm session May 15, 2022
  • Kōura drives for special KiwiSaver niche; Aurora hits $50m May 15, 2022
  • NZ Super tops-up top ranks, buys low as market tanks May 15, 2022
  • Master trusts sink as sector condenses May 15, 2022
  • Holding pattern: custody licensing stalled but not forgotten May 15, 2022
  • Responsible man makes NZ landfall; Magellan tidies up top table May 15, 2022
  • Prescriptive proposals see BlackRock back-track on proxy support May 15, 2022
  • Apostle sees deep green future in NZ May 15, 2022
  • No flares but investors need to brace for belt-tightening May 15, 2022

Search by Keyword

Most Recent Investment News

Vale Brian Gaynor

May 16, 2022

COFI passes second after lukewarm session

May 15, 2022

Kōura drives for special KiwiSaver niche; Aurora hits $50m

May 15, 2022

NZ Super tops-up top ranks, buys low as market tanks

May 15, 2022

Master trusts sink as sector condenses

May 15, 2022

Investment News Archive

Most Popular Articles

  • NZ share-trading splurge could trigger tax alarms… posted on October 5, 2020
  • Flint set to spark platform competition posted on August 17, 2020
  • Westpac NZ flags retail advice sale to Forsyth Barr posted on October 19, 2020
  • The horror year in technicolour: free KiwiSaver 13 report released posted on September 30, 2020
  • Four to the core: Smartshares to expand, rearrange and reprice ETFs posted on June 22, 2020
  • Government dumps five defaults adds two in major overhaul posted on May 14, 2021
  • Kiwi Wealth hits the bigger time posted on November 26, 2017
  • NZ Funds directors back on board posted on April 24, 2016

Sponosored Content

Why timing the market is a fool’s game

An active investment manager’s lockdown toolkit: impacts, learnings and benefits

Mint chief executive, Rebecca Thomas

Join the club: financial wellbeing for women

Ensuring good customer outcomes

Quick-links to Popular News

  • FAP Compliance
  • Coronavirus
  • New Appointments
  • Financial Markets Authority (FMA)
  • Kiwisaver
  • Climate Change
  • Crypto Currency
  • Blockchain
  • Insurance

Secondary Sidebar

Recent News

  • Vale Brian Gaynor May 16, 2022
  • COFI passes second after lukewarm session May 15, 2022
  • Kōura drives for special KiwiSaver niche; Aurora hits $50m May 15, 2022
  • NZ Super tops-up top ranks, buys low as market tanks May 15, 2022
  • Master trusts sink as sector condenses May 15, 2022
  • Holding pattern: custody licensing stalled but not forgotten May 15, 2022
  • Responsible man makes NZ landfall; Magellan tidies up top table May 15, 2022
  • Prescriptive proposals see BlackRock back-track on proxy support May 15, 2022
  • Apostle sees deep green future in NZ May 15, 2022
  • No flares but investors need to brace for belt-tightening May 15, 2022

Footer

Copyright ©2022 InvestmentNews.co.nz — All Rights Reserved — Terms & Conditions