The professional provision of financial planning or related services is a role imbued with trust and confidence in the Australian community. Financial planners are entrusted with their clients’ financial security and have the capacity, through their professional engagements to profoundly influence their clients’ financial future.
How an FAAA member manages his or her relationship with the client and conducts him or herself professionally during the course of a client engagement is of critical importance professionally.
All FAAA members must:
- Identify and act in accordance with their duties both to the profession and to the public interest the profession serves.
- Avoid situations and conduct which reflects adversely on their integrity or fitness as a financial planner, membership of the financial planning profession and the FAAA, or upon the FAAA.
The FAAA Professional Code
FAAA members are bound by the FAAA Professional Code, which brings together a comprehensive set of ethical principles.
Code guidance
From time to time, the FAAA issues guidance in relation to the whole of any part of the FAAA Professional Code and may elaborate on its application. The Guidance is an enforceable component of the Code.
Discipline
Conduct Review Commission (CRC)
The CRC is an independent body put in place to ensure members are held accountable to the FAAA Professional Code. The CRC plays a vital role in regulating the conduct of FAAA members and upholding the highest ethical standards within the financial profession.
The key functions of the CRC are the following:
- Determining whether disciplinary proceedings should commence against members
- Hearing and determining complaints against members in respect of breaches
- Hearing and determining appeals.
CRC Guidance Notes
CRC Panel Members
Disciplinary Regulations
Our disciplinary process was put in place as a formal mechanism to investigate complaints against FAAA members. Members who are found to have breached the Code may be sanctioned under the FPA Disciplinary Regulations. Decisions about whether an FAAA member has breached the Code and whether they should be sanctioned under the Disciplinary Regulations are made by the Conduct Review Commission.
Disciplinary Regulations - how it works
Disciplinary Regulations - Member Reference Guide
Financial Advice Association of Australia (FAAA) Constitution
The FAAA Constitution outlines how the FAAA, in conjunction with an elected Board and Executive team, should conduct its operations. The Constitution also imposes certain requirements on the FAAA in terms of the publication of reports and regulations.
Membership Regulation
The FAAA Membership Regulation, in conjunctions with the FAAA Constitution, sets out the obligations and rights and privileges of each sub-category of membership, identifies eligibility criteria and elaborates on membership requirements.
Regulation 02/04 – using the CFP® Marks
This regulation explains the use of the FAAA brand by members, including the use of CERTIFIED FINANCIAL PLANNER®, CFP®, Financial Planner AFP® trademarks and associated logos.
Please note, the current version of Regulation 02/04 will be updated to reflect FAAA branding during May 2023.
Committees
Professional Standards and Conduct Committee
The FAAA Professional Standards and Conduct Committee is charged with the responsibility for maintaining and regularly reviewing the Code to keep it alive to the current issues of practice. Professional peers on the committee continue to welcome member comments and feedback on operational aspects of the Code.
The Committee has the purpose of advising the FAAA Board on strategies, activities and policies that will ensure the FAAA operates effectively as a Professional Organisation, acting to build trust and confidence in the professionalism and services of its members.
Library
Each quarter, the Money & Life website (and previously the Money & Life magazine) publish a Complaints & Discipline Report which provide a summary of complaints received by the FAAA. These are available to view here.
*Note: The FAAA Constitution replaces the FPA Constitution from 3 April 2023.