Investment and Financial Services Association (IFSA) CEO Richard Gilbert has described the association’s new code of conduct as the “industry equivalent of the 10 commandments”.

Launching the re-draft of the six-year-old code, Mr Gilbert said all surveyed IFSA members have incorporated the code into their operations and 92% use it in staff training.

“Apart from the usual strictures, the new code also supports the use of ‘in confidence’ or ‘whistleblower’ reporting mechanisms to help guard against instances of inappropriate practice in member organisations.”

The original IFSA code of conduct was formally issued in 1999 and reviewed in 2001. The revised code takes effect from July 1 and is scheduled for review in mid-2009.