Code Committee: We've thought about what could have been better

A new code of conduct will come into force with the start of the new Financial Services Legislation Amendment Act regime.

It replaces the existing code, which applied only to AFAs. That was written and administered by a code committee chaired by David Ireland, a partner at Kensington Swan.

He said the code committee had met a couple of times “behind the scenes” as work progressed to the new laws taking effect and had talked about the current code and the new version, and whether the code working group had come up with anything the previous code should have covered.

“It’s a different regime. The new code, with the FAP overlap, entity provision of financial advice, was always going to be different,” he said.