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Zara Quinn, a relevant provider in Canberra, outsources her complex strategy modelling to an external paraplanning firm. Briefing a new staff member on the Code of Ethics, Zara would be correct to say that … (i) the Code imposes ethical duties that go above the requirements in the law. (ii) her duty of competence is fully satisfied by outsourcing the modelling to experts.
Statement (i) is true: cl 5 of the Financial Planners and Advisers Code of Ethics 2019 says the Code 'imposes ethical duties that go above the requirements in the law'. Statement (ii) is false: the Code's description of competence says that while you may supplement your competence by accessing the expertise of others, 'the duty of competence is ultimately personal and cannot be outsourced to others'. Zara may use the paraplanners, but she must understand and stand behind the modelling she relies on.
Using specialists is encouraged; handing over responsibility is not.
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