Call for clarity on 'one code for all'
Angus Dale-Jones, independent PAA board member and compliance expert, spoke at the association’s recent board meeting about the submission it made on the issues paper for the Financial Advisers Act review.
The association wants the regulations changed so the Code, currently just for AFAs, would apply to all advisers. There would no long be RFA, AFA and QFE designations.
Operating under the code would mean advisers who are now RFAs and QFE advisers would have to achieve a level five qualification and undertake ongoing professional development, as well as meet higher conduct standards.
But Dale-Jones said the PAA was not lobbying for the current AFA standards to be applied with a broad brush across the industry.
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