Commerce Minister Hon Simon Power has announced that David Mayhew is stepping down as Commissioner for Financial Advisers, effective from 30 April or earlier upon the establishment of the Financial Markets Authority (FMA). The FMA will assume commissioner functions from its establishment.

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.

The Financial Markets (Regulators and KiwiSaver) Bill (see article above) provides for the role of commissioner to be disestablished and for the FMA to assume the commissioner's main functions.

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