The New Zealand Government has selected a working group to create its new code of conduct for financial advice.

Former Professional Advisers Association board member Angus Dale-Jones will chair the group. The other members are AMP GM Sales and Advice Therese Singleton; former manager of teacher education at the Education Council of New Zealand Barbara Benson; ASB Bank General Counsel Graeme Edwards; authorised financial adviser Rebecca Vanderbom; and Forsyth Barr Head of Private Client Services Shane Edmond.

Commerce and Consumer Affairs Minister Jacqui Dean says the new code will be wider in scope than the current one.

“It will set standards of competence, conduct and client care for the whole financial advice industry,” she said. “The group’s new code will reflect proposed changes in legislation aimed at creating an even playing field of regulation across the industry.”

She says the members are appointed for a three-year term and it is proposed they will become the code committee under the new regime.

The group is expected to produce a draft code by August next year.

“In developing the code, the group must consult with industry bodies, consumer representatives and any other interested parties to ensure everyone, including small adviser businesses, has a chance to give their input,” Ms Dean said.