The FPA says it has set a ‘world first’ in launching its Code of Professional Practice.
The announcement was made by FPA Chair, Julie Berry, to 1,250 delegates during her opening address at the FPA’s 2009 National Conference in Melbourne.
Expanding on the detail of the Code, FPA CEO, Jo-Anne Bloch, said the FPA is the first financial planning professional association in the world to launch the full suite of professional regulation that incorporates:
- A set of ethical principles
- A complete set of practice standards
- The full range of professional conduct rules that explain and underpin professional financial planning practice
the Code … provides a framework for newcomers, and offers clear accountabilities for key stakeholders
Ms Bloch said the Code of Professional Practice lists in detail the practices and obligations of financial planning for FPA members, provides a framework for newcomers, and offers clear accountabilities for key stakeholders such as the Financial Ombudsman Service and even ASIC, who could use the Code as an adjunct to their own regulation to determine a benchmark for financial planning in Australia.
“Perhaps most importantly, for many members, the Code improves the FPA and the community’s capacity to identify inappropriate practice and respond accordingly,” added Ms Bloch.
Click here to access the FPA’s Code of Professional Practice.
The launch of the FPA Code of Professional Practice was one of a number of initiatives unveiled by the FPA on the opening day of its Conference, including the release of its future expectations for education requirements for professional financial planners and the launch of an online tool, ‘FPA Confidential‘, designed to facilitate anonymous reporting of potential misconduct in the financial services sector.
