New Zealand’s lengthy search for a Commissioner for Financial Advisers has finally yielded someone prepared to stay in the role for five years.

Kiwi lawyer David Mayhew will return from the UK where he was a leading advocate for the Financial Services Authority from 2001-05. More recently he has been in private practice.

Commerce Minister Simon Power says Mayhew is known internationally “as a leading practitioner in contentious financial services regulatory work”.

Mr Mayhew will take over on January 25 from Annabel Cotton, who has been acting in the commissioner role since May. While she was regarded as a suitable candidate, she declined to take up a full five-year term.

It is believed Mr Mayhew’s legal expertise set him apart from the 27 other applicants.

As commissioner, he will usher in a professional code of conduct for authorised financial advisers.

The code will set minimum standards of competence, knowledge and skills, ethical behaviour, client care, and professional training requirements.

Having implemented the code, Mr Mayhew will chair a disciplinary committee that will hear complaints against authorised financial advisers and, when necessary, penalise offenders.