A speech by ASIC Commissioner Peter Kell provides a useful map of the FOFA reforms including how ASIC will approach approving codes of conduct: it outlines the results from ASIC’s recent shadow shop of retirement advisers and what ASIC considers to be good quality advice, discusses the FOFA reforms and ASIC’s approach to implementation.
Although the Bills have not been passed yet, Kell describes the general code approval process and makes it clear that ASIC expects that codes will contain provisions that require members to have active obligations towards their clients that will achieve the same outcome as the opt-in requirement intends to achieve.
