As a senior Financial Planner of 25 years in the game. I am very concerned about possible future interpretations of the Adviser Code of Ethics. We need a crystal clear code that is in unison with the law that is passed by parliament. I don't think that Glenfield's responses to questions are very helpful, as he seems to be saying that it all about the "Vibe" of the code....I think that the Ethics Code enforces are going to have a field day with this in the future.

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De Gori's comments about only needing guidance if there is ambiguity in the code are partly correct. He's either not a lawyer?or being disingenuous. A court will always look at the terms of the Code as directed and look at the Guidance, and particularly the Values which are *paramount* (remember). The bulk of the terminology used including "conflict of interest" are already defined in the common law. So, the courts aren't just going to interpret the Code in any way they want. The Values and objectives are all consistent with basic fiduciary concepts, so the level of uncertainty is really not as claimed.

As for FASEA only creating the Code and not enforcing it, all I can say is, GOOD, that follows a constitutional principle called "separation of powers"! Hardly a criticism of FASEA.

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