As part of a push to tighten standards for financial advisers, the New Zealand Securities Commission has announced the appointment of a 10 member committee to develop competence standards for the industry.

The appointees include Kensington Swan partner David Ireland (pictured right, with Kensington Swan partner Catriona Grover), who is also chair of the Association of Superannuation Funds of New Zealand.  DLA Phillips Fox partner Sue Brown is also an appointee to the commitee.

The committee will develop a code of conduct that financial advisers will be legally obliged to comply with from late 2010. The code will oblige the adviser industry to do business in a professional and ethical manner, and will also determine the qualifications and level of experience required in order to practise as an authorised adviser.