The revised Financial Advice Code, which will come into effect on November 1, will deliver better outcomes for both advisers and clients.
- Agree (36%)
- Disagree (36%)
- Not sure (29%)
Loading ...Our latest poll is asking whether you believe the updates to the Code of Professional Conduct for Financial Advice Services will lead to better outcomes both for you and for your clients.
The question arises after the revised Financial Advice Code has been welcomed as a defining moment in the evolution of the profession by Financial Advice New Zealand.
The organisation says approval of the revised Code recognises the growing maturity of financial advice in Aotearoa and sets a clear trajectory for its future.
Its CEO Nick Hakes, sees the move as a pragmatic and future-focused update.
As we reported, he says it’s striking the right balance “…honouring the expertise of current advisers, establishing a clear pathway for new entrants and reinforcing public trust in the profession.” (See: New Code Signals New Era of Professionalism)
The revised Code updates the nine principle-based standards that elevate expectations around ethical conduct, client care, and technical competence, but it’s the shift in Code Standard 9 — from “maintain” to “continually develop” competence, knowledge, and skill — “…that signals a deeper cultural shift.”
…this subtle yet powerful change places lifelong learning at the heart of professional advice…
Hakes says this “…subtle yet powerful change places lifelong learning at the heart of professional advice. It’s not just about meeting minimum standards — it’s about embracing a mindset of continuous growth and relevance.”
And for the first time, the Code recognises the role of professional bodies in delivering CPD learning activities.
The organisation also supports the revisions to Code Standard 3, which “reinforce the critical link between the suitability of advice and informed client consent—key pillars of consumer confidence.”
The updated standard empowers advisers to self-determine the particular competence and skill required for the advice being provided.
We are keen to understand if you see the updates as something that do indeed recognise the growing maturity of financial advice in NZ and set a clear direction for its future?
In essence, do you think these changes will deliver better outcomes for both your clients and for your own practice? We’ll report back next week…