The Financial Advice Code Working Group has received 160 submissions, since it released its consultation document for the new Code of Conduct in March, it confirmed in its latest update.
The Code Working Group broke down the total submissions received:
- 20% from RFAs
- 16% from AFAs
- Over 20% from firms across investment, insurance broking and financial planning
- Over 10% from industry bodies or dealer groups
- 13% from insurers or QFEs
The Working Group said submissions were also submitted by consumer representatives, dispute resolution schemes and education providers.
“We also conducted a survey of consumers’ experiences with financial advice,” it stated, adding the results provided useful insights on what consumers expect and how the new Code could improve outcomes for consumers.
“We have been collating and reading these submissions and considering the points people have made. We are still in the process of analysing the feedback and deciding how best to reflect it in the way the code standards are drafted,” it stated in the update.
The CWG said it intends to publish the submissions and confirmed they are also meeting with a number of practising advisers to receive additional input.
Developing the draft code standards are the next checkpoint for the Working Group, taking into account the feedback given in the consultation submissions.
“We will plan the timing of our consultation on those draft standards once the Economic Development, Science and Innovation Select Committee has reported back to Parliament on the Financial Services Legislation Amendment Bill,” the CWG concluded.