The FSA says the code could form part of the FSA handbook, depending on the outcome of the Professional Standards Board consultation. It is likely to be published for consumers as a statement of standards they can expect from advisers.
The possible draft code published in today’s CP is as follows:
1. To act honestly and fairly at all times when dealing with clients and to act in the best interests of each client.
2. To act with integrity in fulfilling the responsibilities of your appointment and seek to avoid any acts, omissions or business practices which damage the reputation of your organisation and the financial services industry.
3. To observe applicable law, regulations and professional conduct standards when carrying out financial service activities.
4. To observe the standards of market integrity, good practice and conduct required or expected of participants in markets when engaging in any form of market dealings.
5. To be alert to and manage fairly and effectively and to the best of your ability any relevant conflict of interest.
6. To attain and actively manage a level of professional competence appropriate to your responsibilities and commit to continued learning to ensure the currency of your knowledge, skills and expertise.
7. To decline any engagement for which you are not competent unless you have access to such advice and assistance as will enable you to carry out the work competently.
8. To uphold the highest personal and professional standards.