According to the CFA Institute, Australian consumers should understand that their interests ought to be placed above “all others”.
CFA Society Sydney president Anthony Serhan said: “Mandated superannuation makes Australia a different playing field compared with its global counterparts where private investment is paramount.”
“Ultimately, it can mean financial advice has a greater impact on investors [in Australia].
“It is our aim to continue the debate in Australia and protect the interests of investors above all else, by instilling high standards of ethics and professionalism in industry executives and firms from the outset,” he said.
The CFA Institute will discuss ethical issues during its second annual ‘Putting Investors First’ month.
The institute also said that a major issue when it comes to the relationship between a client and their adviser is the extent to which their interests are aligned.
“The major legislative reforms currently underway will make significant strides for our profession, however we need a multi-layered approach that instils ethical culture throughout the industry,” Mr Serhan said.
The CFA Institute is also urging companies to sign the Statement of Investor Rights.
“By demanding that financial professionals abide by these principles we are building investor trust and ensuring integrity in investment professionals,” said Mr Serhan.
