Code of ethics for AIST members
Superannuation funds and executives who are affiliated with the Australian Institute of Superannuation Trustees (AIST) will now be expected to adhere to a code of conduct and ethics developed by the organisation, including a best interests duty and a commitment to professional development.
The code had been under development since last year and was formally launched at the Conference of Major Super Funds (CMSF) this week.
But inherent in the code is that they must also "demonstrate a commitment to the representative trustee system" and "demonstrate a commitment to profits-to-members values".
The code goes further with respect to trustees, urging that they "ensure that they do not receive inappropriate financial benefit or receive any other inappropriate material benefit for themselves, their family or friends as a consequence of their role" and that they "ensure they make decisions on merit and at arm's length when awarding contracts, recommending individuals for reward or benefits".
The code of conduct and ethics is being applied immediately.
Recommended for you
With just 30 per cent of Australians knowing their superannuation balance to the nearest $1,000, Findex has emphasised the role of financial advice in addressing the critical super knowledge gap.
Underestimating the cost of insurance by almost $75,000 in a Statement of Advice is among multiple reasons that a relevant provider has faced action from the FSCP.
Financial Services Council chief executive, Blake Briggs, is urging Minister for Financial Services, Stephen Jones, to take advantage of the QAR opportunity to reduce regulatory duplication and ensure advice is affordable.
Former chair of the House of Representatives’ Standing Economics Committee, Tim Wilson, is planning a return to politics after losing his seat in the 2022 federal election.