AMP, Macquarie Bank, ANZ, Commonwealth Bank and BT Financial Group have funded an ethics literacy program in an effort to improve the ethical foundation of financial advice in Australia.
Run by The Ethics Centre and governed by The Banking and Finance Oath (BFO), the Ethics Literacy program endeavours to improve the ethical knowledge of those working in the financial advice industry.
“AMP, along with many other organisations across the industry, recognises what a critical time this is for the industry and how important it is to increase trust among consumers in financial advice," AMP group executive of advice and banking Rob Caprioli said.
“By helping to raise the education, ethical and professional standards across the industry, the Ethical Literacy program is an important step in ensuring ongoing high standards of professionalism across the industry.”
The Ethics Centre principal consultant John Neil said the organisation is working with financial institutions, professional associations and regulators to develop the program as a common source of ethics education for the Australian financial advice industry.
“[The program] will enable financial advisers to see situations more objectively, adopt different approaches to decision-making, and better understand the concerns of others," he said.
The program will be introduced to individuals responsible for financial advice within the participating organisations from August this year.
APRA, ASIC, the Association of Financial Advisers, the Financial Planning Association, the SMSF Association, the Financial Services Council and the Australian Bankers’ Association are overseeing the program’s development.
"Through support from industry and Australia’s major financial institutions, coupled with the experience and reputation of The Ethics Centre, we have no doubt that the program will encourage a strong ethical foundation and positive cultural change for the financial advice industry,” Mr Neil said.