Codes of Conduct – Licensees or Associations?

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If you were to operate under a code of conduct, whose code would you prefer?
  • An adviser association's code (55%)
  • My dealer group's code (if offered) (39%)
  • Other (5%)
  • Not sure (2%)

Our latest poll has been motivated by the recent release by ASIC of guidance notes on how it will approach the approval of codes of conduct under the Future of Financial Advice reforms:

If you were to operate under a code of conduct, whose code would you prefer?

… a number of advisers have advanced the proposition that they would prefer to operate under their own licensee’s code of conduct

We already established in our last poll that the majority of advisers (69%) are now more likely to join an adviser association (or retain their membership) in order to operate under that association’s complying code of conduct. But while there has been much discussion regarding the development of complying codes by adviser associations (particularly the AFA and the FPA), a number of advisers have advanced the proposition that they would prefer to operate under their own licensee’s code of conduct, if this was offered to them.

One of the adviser comments we received in relation to our previous poll stated:

“I am already audited once a year by my licensee. If we have a code of conduct and the employer is a member then why couldn’t the employer do the audit for code of compliance at the same time? Extra cost would be close to zero.”

We promised we would return to this question and now offer you the opportunity to have your say. We have already asked advisers who attended the 2012 AFA National Conference last week. 75% favoured a licensee code of conduct, while 25% said they would prefer to operate under an adviser association’s complying code.

Which would you prefer? Why? Tell us what you think…



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