The code has been in effect since January and the committee's role will be to determine whether a member has breached its standard and identify sanctions appropriate to the potential damage to consumers or the industry.

Chaired by tax barrister Geoff Clews, the committee is made up of independent experts from New Zealand and overseas with expertise in law, financial services, governance and conduct.

Rob Flannagan, chair of the Financial Services Council, said the calibre of the committee reflected the seriousness with which the industry was taking its responsibilities under the code.

“The disciplinary committee is integral to ensuring the code of conduct lives up to its promise and delivers for New Zealanders. I’m delighted that we have managed to secure such a world-class collection of experts to oversee this process.”

Clews said: “It is an honour to chair this committee and to have the opportunity to work with the industry in bringing the code to life and lifting culture and conduct standards across the board.

“My fellow committee members as well as being experts in financial services and law are scrupulously independent of the sector so are well placed to determine appropriate outcomes for any potential breach of the code.”

Chief executive Richard Klipin said: “The confirmation of the disciplinary committee is another important step in our culture and conduct journey and us, as an industry, taking the lead in lifting standards to deliver better outcomes for New Zealanders.

“We want to ensure our members are putting the interests of consumers front and centre and the oversight of the committee will be vital to this. I would like to welcome the committee and thank them for volunteering their time."