The new code has been approved by Commerce Minister Kris Faafoi and will take effect in about nine months.

There has been criticism from within the industry that it is too high-level and principles-based and does not provide enough detail about what is expected from advisers.

That has prompted suggestions that it could be up to adviser associations to provide more prescriptive guidance for members.

Financial Advice New Zealand chief executive Katrina Shanks said the association's quality service mark could have a role to play.

When the association launched, it had been expected that it would develop a mark in the first half of this year that members would eventually be required to hold to retain membership.

Earlier this year, Shanks said the plan had changed and it would be launched later, and renamed - part of the delay was the need to understand what was expected of the code of conduct.

Now, she says the mark will have a place alongside that code.

"One of our key objectives is to build public confidence and trust in financial advice, and to give our members a definitive way to evidence that they are committed to high standards of quality advice - that they are not about just doing the minimum, but rather are professionals committed to excellence.

"The code has provided a principles-based foundation for professional conduct: Now that this part of the new regime has been finalised, we will be assessing the quality mark requirements - the specifics that evidence a commitment to excellence that our members can display proudly as a symbol of their ‘next-level’ professionalism, and commitment to helping Kiwis thrive."

She said issues such as whether there should be a set number of CPD hours and whether a level five qualification were sufficient would be considered.

"When you have a quality standard it is also important you provide pathways to the standard."