The Financial Planning Association (FPA) has released a set of draft principles in a bid to help its members better manage conflicts of interests.

Planners have been scrutinised in the past for non-disclosure of conflicts of interest, particular soft dollar commissions like weekends away and golf club memberships.

The draft principles are the last phase in a three-phase process aimed at improving the transparency of planners’ remuneration practices.

“This restatement of every financial planner’s fiduciary duty is the touchstone for all dealings with clients, especially when addressing any real and perceived conflicts of interest,” FPA CEO Kerrie Kelly said.

The association has begun a six-month consultation period, and FPA members have been invited to comment by October 28.