FSC appoints Code enforcement committee

The new committee will be “integral to ensuring the Code of Conduct lives up to its promise”

FSC appoints Code enforcement committee

The Financial Services Council (FSC) has announced the appointment of a Disciplinary Committee – a team of experts which will oversee adherence to the new FSC Code of Conduct.

The Committee will be chaired by tax barrister Geoff Clews, and will be comprised of independent experts with expertise in law, financial services, governance and conduct. They will be responsible for identifying when an FSC member has breached the standards of the code, and will apply sanctions when appropriate.

Commenting on the development, FSC Chair Rob Flannagan says the appointment of the Committee reflects how seriously the industry is taking its responsibilities with regards to professionalism and consumer trust.

“The Disciplinary Committee is integral to ensuring the Code of Conduct lives up to its promise and delivers for New Zealanders,” Flannagan said. “I’m delighted that we have managed to secure such a world-class collection of experts to oversee this process.”

“It is an honour to chair this Committee and to have the opportunity to work with the industry in bringing the Code to life and lifting culture and conduct standards across the board,” newly appointed Chair Geoff Clews added.

“My fellow committee members as well as being experts in financial services and law are scrupulously independent of the sector so are well placed to determine appropriate outcomes for any potential breach of the code.”

FSC CEO Richard Kiplin said the Committee is another step towards tightening standards around culture and conduct, and will help ensure that members are putting customer outcomes at the forefront of each transaction.

“The confirmation of the Disciplinary Committee is another important step in our culture and conduct journey and us as an industry taking the lead in lifting standards to deliver better outcomes for New Zealanders,” he stated.

“I would like to welcome the committee and thank them for volunteering their time.”

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