Strengthened conduct code for Financial AdvisersCommerce
Commerce Minister Craig Foss today announced a revised Code of Professional Conduct for Authorised Financial Advisers, which will come into force on 1 May 2014.
“The Code which has been developed in consultation with New Zealand financial advisers will continue to restore confidence in the professionalism and integrity of the industry. Improving confidence in our financial markets is part of the Government’s Business Growth Agenda,” says Mr Foss.
The code sets out new standards and requirements for Authorised Financial Advisers in the following areas:
- Ethical behaviour
- Client care
- Knowledge and skills
- Continuing professional training
“I’m focused on ensuring that Authorised Financial Advisers put the interests of clients first and transparency around managing conflicts of interests,” says Mr Foss.
The Code of Professional Conduct was revised in 2013 after extensive consultation with industry and consumer groups.
“The revised Code will have a positive impact on the quality of advice offered by Authorised Financial Advisers, while reducing unnecessary compliance costs and improving access to advice,” says Mr Foss.
For further information visit www.fma.govt.nz/media/1946311/code-of-professional-conduct-for-afas.pdf