Minister appoints commissioner - for now

Commerce Minister Simon Power has appointed Securities Commission member Annabel Cotton as interim commissioner for financial advisers.

Cotton will hold the position for up to 12 months after she ruled herself out for the full five-year term, and will serve as commissioner while the Ministry of Economic Development continues its search. The ministry has hired a recruitment agency to look for candidates both in New Zealand and abroad. One of her first tasks will be to select and appoint code committee members.

"Ms Cotton, as a current member of the Securities Commission, has a broad understanding of the commission's role in the oversight of financial advisers," Power told an Institute of Finance Professionals New Zealand forum in Wellington. "The conduct of financial advisers is essential to increasing confidence in the market, and the Act will also make advisers who provide more complex advice subject to a Code of Professional Conduct."

As well as her seven-year membership of the Securities Commission, Cotton is a director of Genesis Power and Carmel Fisher's listed investment trusts Kingfish, Barramundi and Marlin Global investment arms.

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