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.