New Zealand’s Financial Services Council (NZFSC) has moved further down the road of self-regulation with the formation of a Code of Conduct disciplinary committee which includes a former High Court Judge.
The NZFSC led by the former chief executive of Australia’s Association of Financial Advisers, Richard Klipin said that the committee’s role would be to determine if a NZFSC member had breached code standards and then identify sanctions appropriate to the potential damage to consumers in the industry.
The New Zealand move comes at the same time as Australia looks to establish code monitoring bodies under the Financial Adviser Standards and Ethics Authority (FASEA) regime.
Commenting on the move, NZFSC chairman, Rob Flannagan, 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,” he said. “I’m delighted that we have managed to secure such a world-class collection of experts to oversee this process.”
The NZFSC’s membership makes up 95 per cent of New Zealand’s life insurance market, manage funds of around $50 billion, and includes many professional services and technology providers to the financial services sector.
Klipin said the confirmation of the Disciplinary Committee was another important step in the organisation’s culture and conduct journey.
“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,” he said.
The disciplinary committee is comprised of:
- Geoff Clews: Barrister and Chair of the Disciplinary Committee
- Aliesia Gartrell: Senior Corporate Counsel at Chorus
- Hon Paul Heath QC: Barrister and former Judge of the High Court of New Zealand
- Professor Rob Merkin QC: Professor of Law at the University of Exeter in the UK and Honorary Life President of the International Association of Insurance Law.
- Victoria Werohia: Head of Risk and Assurance at ACC
- Linley Wood: Previous financial services executive; current independent director and not for profit trustee.