The Financial Planning Association (FPA) has put its code of conduct out for consultation with members.

The code was launched in 2009 but is being updated to meet Australian Securities and Investments Commission (ASIC) regulations.

FPA GM Policy and Standards Dante De Gori says the enhanced Code of Professional Practice addresses challenges posed by the Future of Financial Advice (FOFA) reforms.

“While the code contains fundamental principles and standards that endure over time, it also makes sense to take into account the changing environment,” he said.  

“The modifications we are proposing will ensure the code is the full solution for financial advisers and their clients, while standing the test of time long after the FOFA reforms are a distant memory.”

The FPA has included sections on opt-in, best-interests duty, scaled advice and conflicted remuneration.

It also includes ASIC criteria for approving codes of conduct, to enable a class order relief that avoids the need to comply with opt-in.

Members have until November 30 to submit comments on the new code.

“This is a code for all FPA members,” Mr De Gori said. “Members’ feedback to these proposed changes will help shape their professional futures.”

He says the FPA will continue engaging with other key stakeholders of the code, such as Treasury, the Opposition, ASIC and consumer groups.

Board approval of the code is expected early next year, then it will be submitted to ASIC for regulatory approval.

The FPA is developing a range of online user guides, videos and other practical resources showing how to use the code.