The Canadian Association of Insurance and Financial Advisors gave the green light to a stronger Code of Professional Conduct on Saturday during CAIFAÕs annual general meeting and national conference being held in Toronto.

The new Code of Professional Conduct sets out a list of nine principles that a CAIFA member is expected to abide by in his or her business activities. These principles include integrity, competence, diligence, confidentiality, priority of clientÕs interests, full disclosure of any conflict of interest, professionalism, privacy, and respect for the law. The code also includes performance and application standards that reflect these nine principles.

“Because of the environment that exists today, many advisors feel that they lack direction,” said Brian Mallard, a member of CAIFAÕs board and chair of the task force that oversaw the changes to the code. “This new code of conduct will assist them in maintaining the highest possible standards for the professional advice they offer to their clients and assist them in finding new direction,” he added.

A CAIFA member is also expected to report to CAIFA any breach or possible breach of the code by any other member. Disciplinary sanctions are possible should any member be found in violation with the letter and spirit of the code.

“Clearly, this code will allow consumers to hold CAIFA advisors accountable for their behaviour,” said Mallard. “The new disciplinary procedures approved yesterday will ensure that the principles of the code are effectively enforced.”