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New code for financial advisers due in July

Friday 25th June 2010

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A swift final consultation round will get under way next week as the Code Committee for Financial Advisers releases last discussion points following the passage, yesterday, of late changes to the Financial Advisers Act. 

In particular, new regulations under the Act will now allow mortgage brokers and life insurance advisers to voluntarily opt into the authorisation regime.

Passage of the Act "provides the committee with sufficient certainty to be able to formally proceed with completing our task of developing the draft Code of Professional Conduct for Authorised Advisers," Code Committee chair, Ross Butler said.

The Code will also be used as the benchmark for entities and groups seeking to become Qualifying Financial Entities.

The committee would release an updated draft code next week, hold "a final series of quick, targeted consultation, including public forums in mid-July.

"Our objective is to have a draft Code available before the end of July for formal presentation to the Commissioner for approval," said Butler.

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