The Ministry of Business Innovation and Employment has confirmed Iain Southall is no longer leading the review.

An MBIE spokesperson said a reallocation of resources at the Ministry meant the Financial Markets Policy Team has taken over responsibility for the project.

The team is managed by James Hartley, who has spent the past five years working on the implementation of the new Financial Markets Conduct Act.

There had already been criticism from advisers that the faces they dealt with in meetings with the Ministry about the review changed frequently.

Senior policy adviser Daniel Twaddle, who was regarded as having a good grasp of advisers’ concerns, has left MBIE.

He spent time in two adviser businesses, including Michael Dowling's Stratus Financial Services and John Killick's Fox Plan in Wellington.

James Campbell, believed to be responsible for writing much of the issues paper for the review, has gone to Melbourne.

But the MBIE spokesperson said other key project team members, including Sharon Corbett, Abbe Marks and Nova Mercier, remained unchanged.

Southall has been appointed manager of MBIE’s business law team, which is a new group including the previously separate intellectual property policy and corporate governance teams.

Submissions have closed on the issues paper for the review and MBIE is conducting further consultation.

An options paper will be released later this year and recommendations given to the Commerce Minister by the middle of next year.