Financial Services Council launches new Code of Conduct

Wednesday 5 Sep 18 10:21am

On the eve of its national conference, the Financial Services Council (FSC) has launched a new set of standards and guidance for its members, the FSC Code of Conduct.

Developed over two years by FSC members, the Code of Conduct is designed to build the professionalism of the industry by reinforcing the need for good conduct and a strong consumer-focussed culture.

As a living code, FSC members will work to develop best practice and guidance for the Code’s nine standards, which fall into three core objectives covering ethical, communication and consumer outcomes.

It will come into force on 1 January 2019.

In launching the code, we are taking a major step forward to ensure business is carried out with due care and delivers better consumer outcomes to ultimately improve trust in the industry. It’s about FSC members setting a clear standard of conduct and behaviour that we can be held to account for.

The Code is not just paying lip service to change. All material breaches will be assessed by an Independent Disciplinary Committee, a group of experts that have a range of sanctions available to them. The sanctions grow in line with the level of the breach; for minor breaches, there are reprimands, but these build to significant fines of up to $100,000 or expulsion from the FSC. 

The FSC Code of Conduct and Media Release are available.

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