The Financial Adviser Standards and Ethics Authority has finalised its code of ethics following a code monitoring agreement between six professional advice bodies.
Eighteen submissions were received during the final consultation period in November and December 2018, FASEA said in a statement.
Following the consultation, FASEA said it clarified aspects of the code, including the values underlying the code, and amending standards around conflicts, the best interests of the client, the effects of advice on the client and adviser record-keeping.
In addition, a guidance document will be released for advisers that includes case studies for each standard.
“The registering of the Code of Ethics represents a significant milestone in providing a framework to lift the ethical and professional standards of financial advisers,” said FASEA chief executive Stephen Glenfield.
Towards the end of last year, the Financial Planning Association of Australia (FPA), the Association of Financial Advisers (AFA), Boutique Financial Planners (BFP), the Financial Services Institute of Australasia (FINSIA), the Self-Managed Super Fund Association (SMSF Association), and the Stockbrokers and Financial Advisers Association (SAFAA), signed a co-operative agreement to develop and submit an ethics code monitoring scheme to ASIC, which will then enable FASEA to monitor and enforce compliance with the scheme.
Under the agreement, all existing advisers will be required to subscribe to an approved scheme by 15 November 2019.
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