Give your ABS a check-up

When it released the new Code of Conduct for AFAs last week, the Financial Markets Authority cautioned that it expected advisers to be working in line with it, with updated adviser business statements, by March.

Code Committee chairman David Ireland said the communication from the FMA around the new code was "not how the code committee would have penned such a thing".

He said it was possible that some business statements would not need to be changed much.

“What advisers should take from it is that it’s important to look at your ABS and see whether it is still fit for purpose.