Document ID: chunk:federal_register_of_legislation:F2019L00117:reg:5:p3
Version: federal_register_of_legislation:F2019L00117
Segment Type: reg
Provision Reference: reg 5 (pt 3/3)
Character Range: 8625–10399

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.

Quality process

Standard 7:
  The client must give free, prior and informed consent to all benefits you and your principal will receive in connection with acting for the client, including any fees for services that may be charged. If required in the case of an existing client, the consent should be obtained as soon as practicable after this Code commences.
  Except where expressly permitted by the Corporations Act 2001, you may not receive any benefits, in connection with acting for a client, that derive from a third party other than your principal.
  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.

Standard 8:
  You must ensure that your records of clients, including former clients, are kept in a form that is complete and accurate.

Standard 9
  All advice you give, and all products you recommend, to a client must be offered in good faith and with competence and be neither misleading nor deceptive.

Professional commitment

Standard 10
  You must develop, maintain and apply a high level of relevant knowledge and skills.

Standard 11:
  You must cooperate with ASIC and monitoring bodies in any investigation of a breach or potential breach of this Code.

Standard 12
  Individually and in cooperation with peers, you must uphold and promote the ethical standards of the profession and hold each other accountable for the protection of the public interest.