The Framework fosters both high professional standards and consumer protection. We are dedicated to helping FPA members understand the Code and how best to provide professional services to their clients. Breaches of the FPA Professional Code are taken seriously by the FPA and may result in a member being subject to our Disciplinary Process.
FPA members are bound by the FPA Professional Code, which brings together a comprehensive set of ethical principles.
The FAAA Professional Code is a continuation of the previous FPA Professional Code. This document will serve as the interim Code whilst the FPA undertakes Member consultation to assess whether the Code should continue in its current format.
To support practitioner members in applying the Professional Code in practice, the FAAA provides the Best Practice Standards, which set out guidance as to how to provide the Code in day-to-day practice. As the financial planning landscape changes, we update the Best Practice Standards to ensure it remains relevant to the regulatory environment at the time.
Breaches of the Code
Our members play an important role in ensuring we maintain high standards within the FAAA membership. If you suspect that another member may have breached the Code, we ask that you let us know by email to [email protected].
FAAA Professional Code FAQs
Following the release of the FAAA Professional Code, we felt it would be helpful to provide answers to some of the questions we have received regarding the updated Code, and how it applied to our members. If you have a question on the Professional Code please feel free to email the Professionalism Team’s dedicated inbox [email protected].
Who does the Professional Code apply to?
The Professional Code applies to all FAAA Members.
What is the Best Practice Standards Guidance?
The Best Practice Standards Guidance is non enforceable guidance issued to members to assist them in understanding their obligations under the Professional Code 2022. It is based on the elements of the Code of Professional Practice 2013 – the Practice Standards and Rules – that were removed from the Professional Code, revised and updated to take into account regulatory and legal developments since 2013
How is the Code enforced?
FPA members are rightly proud of their membership and the high standards of conduct this implies. To ensure that the reputation of FPA Members is not impacted by inappropriate conduct of any individual Member, the FPA maintains a dedicated Professional Standards Team to investigate and review Member Conduct.
Where the FPA has concerns regarding the conduct of one of its Members (usually because of a referral from another FPA member or because of a complaint from a consumer) the Professional Standards Team will contact the Member in question, set out the reason for the concerns and the evidence we have received, to enable the Member to set out their response to the issues raised. There then may be further questions and requests for evidence, drawn from a number of sources. The Professional Standards Team will then form a view as to whether the evidence shows that the Member’s conduct breaches the FPA Code. If a potential breach of the Code is identified the Professional Standards Team will prepare a report for the Conduct Review Commission.
The Chair of the Conduct Review Commission will decide whether to initiate formal disciplinary proceedings. In the event that these go forward the Conduct Review Commission will convene a disciplinary panel. This is comprised of one of either the Chair or Deputy Chairs of the Conduct Review Commission, and two practitioner members. This means that the Conduct of Members is reviewed by members.
What if I have another question not answered above?
Please reach out to the FAAA Professionalism team via email at [email protected], who will be happy to help.