The draft guide for the Code of Ethics as proposed is “too narrow” by focusing only on clients who seek professional financial advice, The Advisers Association (TAA) says in a submission.

It says expanding the scope to include the wider Australian community would make it clear to advisers that working in the profession requires looking beyond their own clients.

“The scope of the draft should be broad enough to cover an individual’s expected values and standards in their profession,” TAA says in the submission to Financial Adviser Standards and Ethics Authority (FASEA).

“Broadening the draft’s scope would also make it clearer that being in a profession requires a broader outlook than just one’s own clients.

“It would also better align with the focus of key stakeholders, including advisers, parliamentarians and regulators on meeting the unmet advice needs of everyday Australians and ensuring that quality personal advice is accessible, viable and cost-effective wherever and whenever it is required by all Australians.”

Consultation on the draft guide closed last week and FASEA CEO Stephen Glenfield has previously told insuranceNEWS.com.au the exercise “may well bring our more that we need to discuss and we’re committed to doing that”.

The draft guide provides an explanation of the intent and application of the Code of Ethics, which came into effect this year.

Click here for the TAA submission.