The Financial Adviser Standards and Ethics Authority has put out a guidance document to assist advisers in understanding, interpreting and applying its code of ethics.
The guide includes case study examples of which their purpose is to aid understanding of the requirements of the code, FASEA said in a statement.
The standards body said the code is a living document and subject to change, as required, and is principles-based and is intended to apply to a wide range of situations.
However, FASEA noted that all of the formal obligations lie in the language of the code, not the guidance document, which is illustrative rather than conclusive in its guidance.
“As with all professions, advisers are ultimately responsible for exercising judgement in the application of the code,” FASEA said.
FASEA said it will host a series of consultation briefing sessions with a number of educational, professional, consumer and industry stakeholders.
It said the purpose of the sessions is to provide opportunity for consultation on the practical elements of the code, and to communicate and explain the integrated nature of the code.
Advisers will be required to comply with the code, comprising five values 12 standards, from 1 January 2020.
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