About

Code

The Code of Professional Conduct for Financial Advice Services is prepared in accordance with Part 4 of Schedule 5 of the Financial Markets Conduct Act 2013 (the FMC Act).

The Code supports the purposes of the FMC Act including promoting the confident and informed participation of businesses, investors, and consumers in the financial markets, avoiding unnecessary compliance costs, and ensuring the availability and quality of financial advice.

The Code is part of a wider regulatory regime for financial advice. Subpart 5A of Part 6 of the FMC Act imposes statutory duties on persons who give regulated financial advice to retail clients. Those duties include:

• to comply with the standards of ethical behaviour, conduct, and client care required by the Code
• to meet the standards of competence, knowledge, and skill (including any continuing professional development requirements) provided in the Code for giving the advice.

In the Code, “client” means a retail client and “financial advice” means regulated financial advice given to a client.

The Code includes commentary to help persons who give financial advice to comply with the standards. The commentary does not limit the standards.

The Code was approved by the Minister of Commerce and Consumer Affairs on 7 May 2019 and the obligation to comply with the Code came into force on 15 March 2021.

Code Committee

The Code Committee is Aotearoa New Zealand’s independent standard setter for financial advice. It is established by Part 4 of Schedule 5 of the FMC Act.

The Committee’s functions are:

• to produce a draft Code for approval by the Minister
• to review the Code from time to time
• to recommend to the Minister changes to the Code
• to liaise from time to time about the development, review, and implementation of the Code with the Minister, with the FMA and with persons that the Committee reasonably considers to be representative of the financial advice industry and of consumers of financial advice.

In June 2017, the Minister of Commerce and Consumer Affairs appointed a Code Working Group to develop the Code. Pursuant to Part 6 of Schedule 4 of the FMC Act, the working group continues as the Code Committee from 15 March 2021.

Members

Angus Dale-Jones (Chair): Angus is a Chartered Accountant and consultant on conduct, regulation and climate. He was previously an ASIC Regional Commissioner and an NZ Securities Commission director. His term on the Code Committee expires on 31 July 2026.

Duane Kale: Duane is an independent director, serving on a variety of boards and committees across the sport and recreation sector, both nationally and internationally. He is a Chartered Member of the Institute of Directors and previously held senior leadership positions in the banking sector. His term on the Code Committee expires on 7 June 2027.

Erin Jurgeleit: Erin is the Chief Risk Officer for OrbitRemit and previously held senior leadership roles at PayPal and Next Insurance. She is a Chartered Member of the Institute of Directors and provides advisory and consulting services to fintechs in New Zealand and Australia. Her term on the Code Committee expires on 30 June 2028.

Graeme Edwards: Graeme is a lawyer and consultant on corporate governance. He was previously the General Counsel and Company Secretary at ASB Bank. His term on the Code Committee expires on 31 July 2026.

Grant Mason: Grant is a finance professional who has worked in various executive roles across asset and wealth management in Europe, Asia and New Zealand. He is currently the Head of Wealth Solutions at JBWere, part of the FirstCape group, having previously been a Managing Director at BlackRock based in Hong Kong. All of these roles have involved a focus on equipping the industry to best support investor outcomes. His term on the Code Committee expires on 30 November 2028.

Professor Jodi Gardner: Jodi is the Brian Coote Chair in Private Law at the University of Auckland. Her research and advocacy focuses on the relationship between the private law and social policy. She analyses how the private law interacts with social welfare, with a specific focus on banking and financial services. Her term on the Code Committee, as a member with knowledge, skills and experience in relation to consumer affairs, expires on 30 November 2028.

Paul Mersi: Paul is an independent director and consultant. He was previously a Senior Partner and Head of Financial Services at PwC NZ. His term on the Code Committee expires on 31 October 2027.

Dr Pushpa Wood: Pushpa has worked across the school, tertiary, NGO and industry sectors to improve adult literacy and financial literacy. She was the Education Manager at the Retirement Commission. In 2016, Pushpa was appointed as an Officer of the New Zealand Order of Merit for her services to financial literacy and interfaith relations. Her term on the Code Committee, as a member with knowledge, skills and experience in relation to consumer affairs, expires on 7 June 2027.

Thérèse Singleton: Thérèse is currently the Chief Operating Officer of Ando Insurance Group. Her term on the Code Committee expires on 31 October 2027.

Tony Dench: Tony is a professional director and consultant. He is a Fellow of the Institute of Chartered Accountants (England and Wales), a Chartered Member of the Institute of Directors and holds a Bachelor of Law (Hons). He was previously CEO of a large New Zealand network of financial advisers. He has held senior leadership positions in banking and financial services in New Zealand and overseas. His term on the Code Committee expires on 13 August 2026.