Commerce Minister Simon Power today announced the establishment of a committee to conduct disciplinary proceedings arising out of complaints against authorised financial advisers.

“The aim of the Financial Advisers Act is to build confidence in the professionalism and integrity of financial advisers,” Mr Power said.

“A key part of that is making financial advisers accountable for the advice they give.”

The new Code of Professional Conduct for Authorised Financial Advisers, which sets out minimum standards of competence, knowledge and skills, ethical behaviour and client care, will come into effect on December 1.

Financial advisers commissioner David Mayhew said the announcement, published in the Gazette, was an important milestone for the implementation of the new regime.

The Commission for Financial Advisers David Mayhew has approved the draft code of conduct for financial advisers, after initially sending it back for re-working.

Mr Mayhew recently rejected the draft code, writing to the code committee expressing concerns about three parts of the code he said were inconsistent with the Financial Advisers Act 2008.

Today he sent the draft code to Commerce Minister Simon Power for approval.

David Mayhew has been appointed the new commissioner for financial advisers, Commerce Minister Simon Power announced today.

Simon Botherway and Mark Verbiest have also been appointed as new members of the Securities Commission.

"David Mayhew is a returning New Zealander who is recognised internationally as a leading practitioner in contentious financial services regulatory work. I'm pleased he'll be bringing this expertise back to New Zealand,” Mr Power said.