Code Committee outlines ethics required
The Code Committee has released a consultation paper on proposed minimum standards of ethical behaviour and client care.
Chairman Ross Butler said that the Committee has proposed an over-arching ethical behaviour standard.
"The first principle is that any authorised financial adviser must place their client's interests first and act with integrity," he said.
The Committee is proposing that financial advice must be independent and objective, unless the adviser clearly communicates the lack of independence and/or objectivity to the client, and puts in place appropriate safeguards. This could include offering the client the opportunity to take independent advice.
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