Codes of practice
Financial services industry
ASIC's policy on approving codes of practice
Getting copies of the codes of practice
Monitoring compliance with the codes of practice
ASIC's policy on approving codes of practice
Regulatory Guide 183 Approval of financial services sector codes of conduct [formerly PS 183] sets out how ASIC will approve codes in accordance with s1101A of the Corporations Act 2001. This is a statutory power to approve voluntary industry codes of conduct.
ASIC does not have the power to mandate industry codes. Industry must decide in the first instance whether to develop a code, and then whether to have that code approved by ASIC.
Regulatory Guide 183 describes the key features of an effective codes regime that can apply to both large and small sections of the financial services industry. The policy further sets out the process by which ASIC will exercise its approvals power.
Download a copy of Regulatory Guide 183 (PDF file 114 KB)
For more information see Information release 05-08, released 23 February 2005
Getting copies of the codes of practice
Go to our consumer website FIDO to read or download a copy of the following codes of practice:
Code of Banking Practice
Credit Union Code of Practice
Electronic Funds Transfer Code of Conduct
General Insurance Code of Practice
General Insurance Brokers' Code of Practice
Financial Planners Code of Ethics and Rules of Professional Conduct
Consumer Credit Code
Note: The Life Insurance Code of Conduct was superseded by the Financial Services Reform Act 2001.
Monitoring compliance with the codes of practice
We monitor compliance with the code covering Electronic Funds Transfer (EFT) transactions. More information about the EFT Code of Conduct
Until 2003 we were also responsible for monitoring industry compliance with the Code of Banking Practice. The 2002-03 compliance monitoring report was the last report that ASIC provided on the Code of Banking Practice. The terms of the revised Code of Banking Practice, which were released on 1 August 2003, provide for the establishment of an independent committee, responsible for monitoring and ensuring compliance with the Code in the future.
We have also previously monitored compliance with the building society and credit union codes.
Compliance monitoring reports
Go to our consumer website FIDO to read or download a copy of the Codes monitoring reports.
Financial services homepage
ASIC Website: Printed 01/06/2009
