Financial Advisers Disciplinary Committee at Ministry of Business, Innovation and Employment, Multiple Locations

The Financial Advisers Disciplinary Committee (the Committee) was established to conduct disciplinary proceedings arising out of complaints regarding financial advisers referred to it by the Financial Markets Authority.

The Committee is established under the Financial Markets Conduct Act 2013 (the Act). The functions of the Committee under Schedule 5 clause 50 of the Act are:

• to conduct disciplinary proceedings arising out of complaints regarding authorised financial advisers referred to it by the Financial Markets Authority; and
• to take any of the actions referred to in in Schedule 5 clause 46(3) as a result of the disciplinary proceeding.

As set out in Schedule 5 of the Act, the Committee comprises four to six members, including the Chairperson. Apart from the Chairperson, the Minister must appoint:

1. at least one member who works or has worked in the financial adviser industry; and
2. at least one member who is independent of the financial adviser industry; and
3. at least one member who is a lawyer with not less than seven years’ legal experience.

At this time, the Minister of Commerce and Consumer Affairs is seeking candidates who:

• work or have worked in the financial adviser industry; and/or
• a lawyer with not less than seven years’ legal experience.

Other skills, experience, and attributes required are:

• knowledge or experience in the operation of financial markets
• knowledge of the governing legislation and broad understanding of financial sector issues
• experience in dispute resolution, disciplinary proceedings, and conflict management
• high degree of personal integrity and high standards of personal and professional behaviour
• good analytical and decision-making skills
• excellent written and oral communication skills.

The Committee workload varies and meets as required. The Committee’s previous decisions can be found here.

The fee payable to members for carrying out their duties is set by the Remuneration Authority. The indicative rate is $1,120 per day.

For further enquiries about the position, email: boardappointments@mbie.govt.nz