Code of Professional Conduct for AFAs

The revised Code of Professional Conduct for authorised financial advisers (AFAs) has been approved by the Minister of Commerce and Consumer Affairs Paul Goldsmith. Click here to see the media release. The updated Code will come into force on 1 December 2016.

The revised Code and the summary of key changes can be viewed from the Code Committee website.

The Code applies to all AFAs from the date of their authorisation and while they remain authorised. It is also the benchmark for the conduct of qualifying financial entities (QFE) advisers who are generally expected to demonstrate a similar standard of behaviour to AFAs for similar work.

The Code Committee

The Code Committee was established under the Financial Advisers Act 2008, and is responsible for reviewing the Code from time to time and recommending such changes as the Code Committee thinks fit.  The Code Committee developed the Code of Professional Conduct for Authorised Financial Advisers. 

AFAs are required to meet the minimum standards of professional conduct set out in the Code:

  • ethical behaviour: Code standards 1 to 5
  • client care: Code standards 6 to 13
  • competence: Code standards 14 to 18 and Competence Alternatives Schedule. This includes requirements for continuing professional training to maintain their competence and keep up to date with developments relevant to their business. AFAs must also maintain a professional development plan.

AFAs must comply with all applicable laws, whether or not referred to in the Code.

Read the full Code of Professional Conduct for AFAs.

Find out more about:

Related documents

Related documents