AFA ready with 'principles of practice'
The Financial Planning Association's (FPA's) code of conduct will not be the sole criteria capable of being accessed by financial planners seeking to be covered by class order relief from opt-in.
The Association of Financial Advisers (AFA) has signaled it has almost completed development of its own code of conduct (principles of practice) and, consistent with the terms of the Future of Financial Advice bills, will be placing the standards before the Australian Securities and Investments Commission (ASIC) for approval.
The Minister for Financial Services and Superannuation, Bill Shorten, clarified in parliamentary discussion with the Shadow Treasurer, Joe Hockey, that it would not be the FPA's code of conduct alone that would be capable of being approved by ASIC.
AFA chief executive Richard Klipin told Money Management this morning that his organisation's "principles of practice" had been in development for some time and were "good to go".
He said the AFA would also be discussing adherence to the principles of practice with other appropriate organisations.
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