What is Fairness? A
discussion on what is/ not fair
The draft Financial Advice
Code released in October 2018 states in code standard 1 “Treat clients fairly
and act in their interests”. Further “Be fair and reasonable” is a
key principle of your Professional Promise* to your clients; so what ‘fair’ is
and is not is an issue for advisers to consider.
Karen Stevens, Insurance
& Financial Services Ombudsman, discusses what fairness is in the context
of financial advice. Using case studies from complaints to the IFSO
Scheme Karen will discuss the concept of fairness, what advisers should
consider and the practical steps advisers can take to demonstrate they
have treated their clients fairly.
About the Presenter: Karen Stevens, Ombudsman IFSO
Karen is a barrister and qualified arbitrator and mediator. With a background in civil litigation and alternative dispute resolution, she was appointed Insurance & Financial Services Ombudsman, in May 1998. Karen has a Master of Laws degree from La Trobe University.
CPD: one hour Structured
IFSO and Association Members : $39inc GST
*Association – Code of Ethics https://financialadvice.nz/constitution/
Principle 4 – Fairness.
Be fair and reasonable in all professional relationships. Disclose and manage conflicts of interest. Fairness requires providing clients what they are due, owed or should expect from a professional relationship, and includes honesty and disclosure of material conflicts of interest. It involves managing one’s own feelings, prejudices and desires to achieve a proper balance of interests. Fairness is treating others in the same manner that you would want to be treated.