Adviser associations band together to fix the Code

The associations say the wording in the proposed code is too waffly and needs to be strengthened so a clear interpretation of their meaning can be obtained.

For example, in Code Standard 2, “does the right thing” is stated baldly with no explanation.

"Clear and concise definitions are essential to provide clarity for those providing financial services, and most importantly, to mitigate risk for New Zealanders. In general, the wording and phrases used throughout the Code need to be strengthened."

The associations also argue that proposals around professional development need to be stronger.