The Financial Planning Association (FPA) says it has received “a great response” from members and the industry to its proposal for a revised Code of Professional Practice.

The feedback “shows this is an important subject for our membership”, FPA GM Policy and Standards Dante De Gori says.

“We believe it will address some of the challenges posed by the Future of Financial Advice [legislation] and support our members through that process.”

The FPA also received responses from the Australian Securities and Investments Commission (ASIC), the Financial Ombudsman Service, dealer groups and key consumer organisations.

The planned revisions have been open for consultation since October.

“In addition, we continue our ongoing engagement with the [Federal] Government and the Opposition, discussing our proposals for the new FPA code,” Mr De Gori said. “The association anticipates obtaining FPA board approval on final changes to the code early next year.”

The revised code will be submitted to ASIC and if it is approved it will be implemented on July 1.

Mr De Gori says the FPA is working on educational material to show members how to use the code.