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Code Committee outlines ethics required

The Code Committee setting regulations for the financial advisory industry has released another discussion paper - this one on ethics and adviser behaviour.

Wednesday, November 18th 2009, 5:58AM 1 Comment

The Code Committee has released a consultation paper on proposed minimum standards of ethical behaviour and client care. 

Chairman Ross Butler said that the Committee has proposed an over-arching ethical behaviour standard.

"The first principle is that any authorised financial adviser must place their client's interests first and act with integrity," he said. 

The Committee is proposing that financial advice must be independent and objective, unless the adviser clearly communicates the lack of independence and/or objectivity to the client, and puts in place appropriate safeguards. This could include offering the client the opportunity to take independent advice.

The proposed Code also includes client care standards.

"Client care is critical to the delivery of good advice, and we are proposing that advisors must build seven client care principles into the way they work with their clients," he said. 

These standards are:

  • professionalism;
  • suitability;
  •  capability and capacity;
  •  effective communication;
  •  effective dispute resolution;
  •  compliance; and
  •  custody.

DONWLOAD the discussion paper here
Submissions on this consultation paper close on December 18.

« Aussie researcher plants flag in NZSovereign takes regulation bull by the horns »

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Comments from our readers

On 19 November 2009 at 11:14 am alan said:
Nearly two decades ago, the IAFP as it then was had a sub-committee, chaired I think by Graeme Rich, which spent some considerable time establishing and refining a set of standards for its members. All the headings in the list in your article were covered, so what is new about the "rules" the Code Committee propose to set up? Ethical issues were an important consideration but this did not prevent a small but steady flow of complaints about IAFP members, some of which came down to ethical issues. Sir, the rules are already there.Proper enforcement is missing
Commenting is closed

 

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