The Code Working Group has confirmed that it has submitted the draft Code of Conduct to Commerce and Consumer Affairs Minister, Kris Faafoi, for consideration.
The CWG noted the draft Code is based on the assumption that the Financial Services Legislation Amendment Bill will be passed in its current form and has signalled to Faafoi that should any late changes be made to the Bill, the draft Code may need revision before its approval.
It also confirmed the Code will be published along with an impact analysis and a summary of submissions after the legislation is finalised and the Code approved.
However, the Group will soon publish the consultation submissions it received.
“On behalf of the Code Working Group, I would like thank everyone for your input in helping to develop a Code that will set the standards of conduct for those giving financial advice,” said CWG Chair, Angus Dale-Jones.
Once the Minister has approved the Code, there will be at least nine months before it comes into force, with exact dates known once FSLAB is passed and the Code approved.
A further two-year transition period will enable existing advisers to work towards meeting the new competency standards set by the Code.