There is only one AFA among the nine people chosen for the group. Rebecca Vanderbom is head of financial advice delivery and service at Milford Asset Management.

That is something that has worried independent advisers, who have suggested that group has been "captured" by big product manufacturers.

Adviser associations are believed to be taking the issue up with MBIE in their discussions about law reform.

It has been suggested that two advisers could be added to the group, which is allowed a maximum of 11 members.

But James Hartley, MBIE's manager of financial markets policy, defended the make-up of the working group.

"The appointments involved a comprehensive process to ensure that the nine members appointed demonstrate the right mix of skills to develop a code of conduct for all who provide financial advice," he said.

"As required under its terms of reference, the code working group will consult with all parties who have an interest in the code, which will include small adviser businesses. The working group will engage with all types of adviser businesses and consumers right around the country, to ensure everyone has a chance to be involved in the code development process.

"In addition, to ensure continuity with the current Code of Conduct for AFAs, the chair of the current code committee - David Ireland - will act in an advisory capacity to the code working group."

READ MORE: Advisers told: Your voice will be heard