Wellington, Sept 21 NZPA - Commerce Minister Simon Power today announced new appointments for government bodies regulating New Zealand's financial sector.
Expatriate New Zealand lawyer David Mayhew was returning from the United Kingdom to serve as commissioner for financial advisers .
Mr Mayhew would formally take the commissioner's role on January 25, relieving temporary appointee Annabel Cotton, who would remain a member of the Securities Commission.
In his role as commissioner, Mr Mayhew would oversee the drafting, approval and implementation of a professional code of conduct for authorised financial advisers.
Once the code to govern minimum professional standards in the industry was set down, he would then manage its enforcement, hearing complaints and, when necessary, imposing penalties after disciplinary proceedings, Mr Power said.
"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.
Former executive chairman of Brook Asset Management, Simon Botherway, and Simpson Grierson consultant Mark Verbiest were also appointed as members of the Securities Commission, Mr Power said.
Mr Verbiest would replace Mai Chen from October 1 this year, with Mr Botherway succeeding Colin Beyer when he retires in February.
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