ASIC financial adviser exam, Code of Ethics: values and ethical behaviour (Standards 1–3) question: relevant providers to demonstrate

ASIC examCode of Ethics: values and ethical behaviour (Standards 1–3)

Which of the following is NOT one of the five values that the Code of Ethics requires relevant providers to demonstrate, realise and promote?

A Competence
B Honesty
C Independence
D Diligence

Show the answer and explanation

Answer: C. Independence

Clause 5 of the Financial Planners and Advisers Code of Ethics 2019 lists the values as trustworthiness, competence, honesty, fairness and diligence. Independence is not one of them; the use of 'independent' is instead restricted by s923A of the Corporations Act 2001 (compilation 19 Sep 2026).

Common mistake

Independence is a restricted term in the Act, not a Code value.

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