New commissioner leaving jackboots behind

On announcement of David Mayhew's appointment, some GoodReturns.co.nz readers expressed concern about Mayhew's time working for the UK's Financial Services Authority (FSA), suggesting that all the British regulator lacked "was jackboots". But speaking from the UK, Mayhew jokes he will leave his jackboots in the cupboard there. He also adds that appointing someone with a legal background to the new role is important.

 "One of the reasons you need lawyers in this particular function is the importance of public law requirements of proper process when you're getting into a disciplinary function and how you conduct the issue around what evidence you need etc," he says.

"There is quite a lot of stuff there that is important in terms of protections for the industry as much as anything else."

The commissioner's role will include overseeing the creation of a professional Code of Conduct for authorised financial advisers and chairing the Disciplinary Committee which will hear complaints against advisers.