FASEA releases code of ethics guidance
The Financial Advisers Standards and Ethics Authority (FASEA) has released its code of ethics guidance, FG002 Code of Ethics Guidance, to help assist understanding and interpretation of the guide.
The guide included case study examples to help understanding the code, as all of the formal obligations lie in the code’s language.
FASEA was also planning on hosting a series of consultation briefing sessions with educational, professional, consumer and industry stakeholders.
The code was designed to encourage higher standards of behaviour and professionalism in the financial advice industry.
The established ethical duties created by the code would go beyond the minimum requirements of existing law, and as a legislative instrument had the force of the law.
The code, including its five values and 12 standards for financial advisers, would come into effect on 1 January, 2020.
AUTHOR
Chris Dastoor
Recommended for you
Advice firms are increasing their base salaries by as much as $50k to attract talent, particularly seeking advisers with a portable book of clients, but equity offerings remain off the table.
MLC Expand has appointed retirement specialist Andrew Long to work with advisers and licensees and drive growth for its recently launched retirement solution.
Despite banks largely having exited the industry, advisers under institutional licensees are least likely to switch while 26 advisers have been appointed to a licensee more than 10 times.
Insignia Financial has shared a progress update on the acquisition by US private equity firm CC Capital as well as the departure of a long-standing director.
