Despite harsh criticism from the Australian Securities and Investments Commission (ASIC) and just about everyone else over the behaviour of some financial planners, a review of the planners’ code of practice is showing plenty of improvement.

The Investment and Financial Services Association (IFSA) and Financial Planning Association (FPA) say the code introduced two years ago has improved disclosure and furthered best practice.

IFSA CEO Richard Gilbert says the assessment demonstrates the efficacy of industry standards and the importance placed on them by members of both organisations.

“Media focus on adviser remuneration and periodic testing of the registers by investigative journalists also indicates that the code is working well. However, this joint IFSA/FPA assessment was important to establish that the code doesn’t warrant extensive overhaul.”

The review says the FPA has had two instances since the launch of the code that required discussions with members over alleged breaches. In both cases no breach was found.