FPA strategically updates professional practice code

Related News: Australians financially better off than ever

Just days after agreeing to a joint policy approach on key issues with the Association of Financial Advisers (AFA), the Financial Planning Association has reasserted its core strategy by launching a renovation of its Code of Professional Practice.

The renovation, the first to the code in 12 years, was described by FPA chief executive Jo-Anne Bloch as ensuring it followed international best practice as determined by the Financial Planning Standards Board.

As well, she said it brought the FPA’s code of ethics, practice standards, definitions and guidance together under one umbrella.

“This is an opportunity for the FPA to set the industry standard for professional financial planning in Australia,” she said. “It demonstrates that FPA members have signed up to high standards of professional practice and conduct.”

Bloch said the code provided much more detailed guidance and clarity for financial planners around their client obligations and was specifically designed to ensure that members could clearly articulate their values to clients.

“Likewise, it will be very helpful for third parties and other key stakeholders to get a very clear understanding of the profession of financial planning and how financial planners engage with their clients,” she said.

According to the FPA summary of the code update, it defines and articulates a best practice framework, provides clarity and confidence to licensees and practitioners on peer expectations of professional conduct and provides a special structure for the six-step financial planning process that differentiates financial planning from product advice.




Related Content

IOOF to shift focus to alternatives

In a market of low returns and interest rates, more and more fund managers are seeking alternative asset classes to generate better returns and IOOF H...more

No further compensation for Trio direct and SMSF investors

Collapsed Trio Capital direct and self-managed superannuation fund (SMSF) investors not covered by the compensation framework will not be provided fur...more

Lower advice income offsets success in private wealth for BTFG

Falling income from BT Financial Group's advice business is countering the improved performance of its private wealth division, Westpac's interim fina...more

Author

Comments

Add new comment