News

Respective roles of the Code Committee and the Code Working Group 
18 December 2017

The Financial Advice Code Working Group has been appointed by the Minister to develop a new code of conduct for financial advice that will underpin the new regime proposed for the regulation of financial advice.  That Group will replace the current Code Committee once the Financial Services Legislation Amendment Bill is passed into law.  Until then, the current Code Committee retains its role under section 82 of the Financial Advisers Act 2008 in relation to the existing code, and remains happy to receive feedback in relation to the operation of that code.  Any feedback or queries in relation to the development of the new code of conduct should be directed to the Financial Advice Code Working Group. 

Code Committee’s submission: Consultation – Proposed extension of exemptions for Australian Qualified Advisers and Australian Licensees
31 October 2017

The Code Committee has submitted on the FMA’s consultation on the proposed extension of the following exemptions until legislative changes in the Financial Services Legislative Amendment Bill come into effect.

You can download the Committee’s submission PDF. Information on the consultation can be found here.

Four members of the Code Committee have been reappointed
7 September 2017

Four members of the Code Committee have been reappointed by the FMA. Shane Edmond, Ross Butler, Melanie Biss and Stephen O’Connor have all agreed to extend their term for 3 years or until the Committee is disestablished, whichever occurs earlier.

Code Committee members details can be found on the About page.

Code Committee’s submission:  Consultation Paper – Proposed exemption to facilitate personalised robo-advice
11 July 2017

The Code Committee has submitted on the FMA’s Consultation Paper that proposes to issue a class exemption to facilitate the provision of personalised robo-advice services. 

You can download the Committee’s submission PDF.

Code Committee members reappointed
29 June 2017

Two members of the Code Committee have been reappointed by the FMA.  David Ireland (Chair) and Gary Young have each agreed to extend their term for 3 years or until the Committee is disestablished, whichever occurs earlier.   Code Code Committee members details can be found on the About page.

FADC decision
26 June 2017

The Code Committee notes the decision of the Financial Advisers Disciplinary Committee (FADC) published on 22 June 2017. The decision can be viewed here.

FADC found that the respondent AFA had breached Code Standards 6(b) and 12 in relation to certain aspects of the AFA’s pension transfer service, and had breached Code Standards 6(c) and 12 in relation to one instance of providing insurance advice, but found that no breach had been made out in relation to Code Standards 1, 2, 5, 6(a), or 7-9.

The Code Committee welcomes the FADC’s discussion of these Code Standards, and will consider the comments made by the FADC and their implications when the Code Committee next meets.

Code Committee departure
13 April 2017

Dimity Kingsford Smith has stepped down as a Code Committee member, effective 31 March. Code Committee members details can be found here.

Code Committee’s submission
15 March 2017

Code Committee’s submission for: Consultation Paper – New Financial Advice Regime: The draft Financial Services Legislation Amendment Bill and proposed transitional arrangements – Download PDF.

14 November 2016

A final version of the Code, which comes into effect on 1 December 2016, has now been published. Download PDF.

31 October 2016

Code Committee members reappointed – Code Committee members details can be found here.

9 September 2016

The revised Code of Professional Conduct for Authorised Financial Advisers (AFAs) has been approved by the Minister of Commerce and Consumer Affairs Paul Goldsmith. 

1 July 2016

Code Committee members reappointed – Code Committee members details can be found here.

29 June 2016

Final Issues Response Paper on the revised draft Code of Professional Conduct for Authorised Financial Advisers now released, download PDF.

26 May 2016

Revised draft Code of Professional Conduct for Authorised Financial Advisers recommended for approval – Download PDF.

24 March 2016

Further Consultation on Code of Professional Conduct: The final exposure draft of the Code now released.

12 February 2016

The Code Committee has submitted on the Options Paper released as part of MBIE’s review of the Financial Advisers Act. You can read our submission, download PDF.

21 January 2016

The Code Committee has released the issues response paper and the updated exposure draft of the Code of Professional Conduct for Authorised Financial Advisers.

28 October 2015

The Code Committee has commenced a formal consultation process for some changes we are thinking of making to the Code of Professional Conduct for Authorised Financial Advisers.

27 October 2015

The Code Committee is about to commence a formal consultation process for some changes we are thinking of making to the Code of Professional Conduct for Authorised Financial Advisers.

27 March 2014

Commerce Minister Craig Foss today announced a revised Code of Professional Conduct for Authorised Financial Advisers. See Minister’s news release

9 August 2013

Code of Conduct consultation begins. See news release.

31 July 2013

Chair for Financial Adviser Code Committee re-elected. See news release.

9 August 2012

The Code Committee for Authorised Financial Advisers (AFAs) has elected David Ireland as Chair for the next 12 months. See news release.

9 August 2011

FMA announces appointment and reappointments to Code Committee. See news release.

28 October 2010

Adviser regulation ready to ‘go-live’ on 1 December. See news release.

21 September 2010

Minister approves code of conduct for financial advisers. See Minister’s news release.

27 August 2010

Publication: Issues Paper in relation to the 2nd draft of the Code of Professional conduct for Authorised Financial Advisers. See publication.

20 August 2010

Revised Code of Professional Conduct for Authorised Financial Advisers Submitted. See news release.

30 July 2010

The Code Committee today formally recommended that the Commissioner for Financial Advisers consider and approve the Draft Code of Professional Conduct for Authorised Financial Advisers. See news release.

25 June 2010

The Financial Service Providers (Pre-Implementation Adjustments) Act which amends the regulatory framework established under the Financial Advisers Act 2008 and the Financial Service Providers (Registration and Dispute Resolution) Act 2008 has been passed by Parliament.

Please see the Code Committee update on the next steps for finalisation of the Code.