Standard 3 states that advisers “…must not advise, refer or act in any other manner where you have a conflict of interest or duty.\u201d<\/p>\n Glenfield says that the Code of Ethics provides an ethical framework of values and standards to assist advisers in exercising their professional judgement in the best interests of their clients.<\/p>\n The statement explains that based on feedback received from a range of stakeholders on standard 3 since the Code was registered and more recently during the consultation process conducted on the Guide,\u00a0 FASEA is now considering amendment to the wording.<\/p>\n The consultation paper<\/a> says the authority seeks broad stakeholder feedback through consultation on amending standard 3, specifically on the following options for the working of the standard.<\/p>\n The consultation paper also acknowledges \u201c\u2026 ongoing commentary that standard 3 is not workable and that guidance cannot be legally relied upon for interpretation.\u201d<\/p>\n The paper says that FASEA is committed to preserving the intent of the current Code; namely, that financial advice only be offered by advisers who are free from conflict.<\/p>\n \u201cFASEA is also open to making changes to the means<\/em> by which this clear intent is realised through the provisions of its Code.”<\/p>\n Consultation Interests of FASEA<\/strong><\/p>\n The paper adds that FASEA encourages feedback on Standard 3 and is interested in specific feedback on:<\/p>\n Feedback and submissions can be submitted through FASEA\u2019s dedicated consultations email consultation@fasea.gov.au until 1 December 2021.<\/p>\n![\"\"](\"https:\/\/riskinfo.com.au\/news\/files\/2020\/01\/Stephen-Glenfield-from-web.jpg\")
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