A key part of the new regulatory regime, the Code of Conduct sets standards of competence, conduct and client care for the financial advice industry.
The code imposes statutory duties on anyone giving regulated financial advice to retail clients, requiring them to:
- comply with prescribed standards of ethical behaviour, conduct, and client care
- meet standards of competence, knowledge, and skill (including any continuing professional development requirements).
The 2-year transitional licensing period allows financial service providers the time to familiarise themselves with the requirements of the code, and to comply with them.
The code includes commentary to help persons who give financial advice to comply with the standards.
Leading up to the implementation of the new financial advice regime and the new register, our online services were unavailable for a short time. If you're an individual who had your registration for the ‘Financial Adviser’ service accepted while our online services were unavailable, you are recorded on an extension to the Financial Service Providers Register (FSPR).
Financial advisers who are recorded on this extension to the register, and who have registered on the new FSPR, are eligible for the 2-year competency safe harbour provisions offered in the new financial advice regime.Search the extension to the register [XLSX 66KB]