Under the Financial Advisers Amendment Bill (No 3) 2010, which was passed on 7 April, the office of the Commissioner for Financial Advisers is to be disestablished with effect from 1 May. The Financial Markets Authority will assume the commissioner’s functions from its establishment.

Commerce Minister Hon Simon Power announced last month that David Mayhew is stepping down as Commissioner for Financial Advisers, effective from 30 April. Mr Mayhew was appointed commissioner in January last year to oversee the drafting, approval, and implementation of the Code of Professional Conduct for Authorised Financial Advisers.