Adviser ‘Thumbs-Up’ for New Code


Do you support the draft Code of Professional Conduct for Financial Advice Services?

  • Yes (63%)
  • Not sure yet (26%)
  • No (11%)

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The majority of advisers have given their support to the draft Code of Professional Conduct,  released to the industry earlier this month.

As we go to press, seven in ten advisers have said they approve the proposed Code, with around one in five (22%) yet to make up their mind and only 8% in disagreement.

The Financial Advice Code (click here) proposes to apply twelve standards covering ethical behaviour, conduct, client care, competence, knowledge and adviser skill.

The apparent solid backing of these standards by Kiwi advisers supports the sense that greater collaboration and a better relationship exists between advisers in New Zealand and the Government’s regulator – in contrast to the Australian experience, in which a significant proportion of its advisers appear to have become marginalised by the decisions and actions of the Federal Government and its financial services sector regulators.

As we noted last week, the Code Working Group is actively seeking feedback from the industry about each of its twelve proposed standards. Any adviser wishing to do so can click here for the link to the Ministry of Business, Innovation and Employment feedback pages to make your voice heard (submissions open until Friday 9 November).

In the meantime, if you haven’t already cast your vote here, our poll remains open for another week…