Code changes likely by year's end
The Code Committee for Financial Advisers has formally recommended a revised draft Code of Professional Conduct for Authorised Financial Advisers to the Financial Markets Authority (FMA).
The Committee is now working on an issues paper to explain the changes and respond to the final submissions received in the last consultation round. This paper will be released in June.
Key changes include recognition of the new qualifications available for advisers and moves to make it easier to offer limited advice.
The code includes a new requirement for advisers to attain the components of the New Zealand Certificate in Financial Services (level 5) that are relevant to their work, and significant changes made to Code Standard 8, which covers suitability of advice.
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