AIST has responded to a Treasury paper on the Financial Services Royal Commission recommendation about the enforceability of financial services industry codes. We supported industry codes as a means of lifting standards or for assessing if community expectations and members best interests are being met. Codes may contain both enforceable and aspirational provisions and there should be a clear and uniform approach to the identification and treatment of each type of provision. Code enforcement should generally be the responsibility of an independent body(such as a regulator) rather than a code owner.
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