Financial advisers get watchdog

Commerce Minister Simon Power today announced new appointments to the Securities Commission and a new Commissioner for Financial Advisers.

David Mayhew has been appointed the new Commissioner for Financial Advisers.

He will return to New Zealand from Britain in January to take over from temporary commissioner Annabel Cotton.

Power said Mayhew was "recognised internationally as a leading practitioner in contentious financial services regulatory work".

The commissioner will oversee the drafting, approval and implementation of a professional Code of Conduct for financial advisers.

Mayhew will automatically become a member of the Securities Commission.

Brook Asset Management founder Simon Botherway and Simpson Grierson consultant Mark Verbiest were also appointed to the Commission.

- NZPA