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these values form the basis for the financial advisor standards and ethics authorities facias code of ethics and financial advisors in australia are legally obligated to follow and obey this code of ethics the fascia code of ethics lays the foundation for a true professional to emerge those who formally provided some kind of commercial service are now committed to offering a professional service informed by a code of ethics that is intended to shape every aspect of their professional conduct financial advisors are required to comply with the code from the 1st january 2020 onwards they must act in accordance with laws you must act in accordance with all the applicable laws including this code and not try to avoid or circumvent their intent financial advisors must act with integrity and in the best interest of each of your clients financial advisors must not advise refer or act in any other manner where you have a conflict of interest or duty financial advisors may act for a client only with the clients free prior and informed consent if required in the case of an existing client the consent should be obtained as soon as practical after the code commences all advice and financial product recommendations that a financial advisor gives to a client must be in the best interests of the client and appropriate to the client's individual circumstances you must take into account the broad effects arising from the client acting on your advice and actively consider the client's broader long-term interests and likely circumstances the client must give free prior and informed consent to the financial advisor for any benefits they or the principal receive in connection with acting for the client including any fees or services that may be charged except we're expressively expressly permitted by the corporations act the advisor may not receive any benefits in connection with acting for a client that derives from a third party other than your principal which is usually the dealer group for which they work you must satisfy yourself that any fees and charges that the client must pay to you or your principal and any benefits that you or your principal receive in connection with acting for the client are fair and reasonable and represent value for money for the client the financial advisor must ensure that their records of clients including former clients are kept in a form that is complete and accurate all advice that a financial advisor gives and all products recommended to a client must be offered in good faith and with competence and be neither misleading or deceptive financial advisors must also develop maintain and apply a high level of relevant knowledge and skills financial advisors must cooperate with asic and monitoring bodies in any investigation of a breach or potential breach of this code individually and in cooperation with peers financial advisors must uphold and promote the ethical standards of the profession and hold each other accountable for the protection of the public interest to see how these values and standards play out let's consider a case study bob the financial advisor one recommends investments that are too risky for his clients two conducts transactions sometimes in their clients names without their authority three charges an ongoing advice fee even though sometimes he actually hasn't provided any ongoing advice to those clients and four his files are inadequately kept but he blames this on the poor systems provided by his principal the financial institution for which he works so here's the question which values specifically and which standards specifically in the fascia code of ethics has bob failed to uphold why don't you pause the video and review those those code elements those code standards and values and identify which specific ones he's failed to uphold well i think bob has failed to demonstrate the values of trustworthiness and competence and the specific standards are standard two integrity failing to act with integrity and failing to provide advice that is in the best interest of his clients standard 4 on consent conducting transactions without the client's informed consent standard 7 remuneration an ongoing advice fee where there's no ongoing advice is unlikely to represent value for money for the client and standard eight record keeping the principal's failure to provide up-to-date record-keeping systems does not excuse a failure to keep records