CoFI guidelines: What is fair conduct; adviser training and more
At the heart of the matter is the so-called Fair Conduct Programme (FCP), which will be developed by a financial institution and then passed 'down' to people who do work for it, such as intermediaries like mortgage advisers.
An FCP would require effective policies, processes, systems and controls to ensure compliance with the principle of fair conduct.
In its guidance publication, the FMA said an FCP must be in writing and could comprise a number of documents, or just one document, and its principles should be easily able to be accessed at any time by a financial institution.
This system would ensure that both intermediaries like advisers and the financial institutions themselves would operate in a manner that was consistent with the fair conduct principle.
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