The code covers governance issues such as efficiency, appointments and risk management, and practical elements such as auditing, marketing and finances.
Members will have a year to adjust their operations to meet the code's requirements. The CDFA will then ask for feedback and make revisions if necessary
"This will drive the quality of the sector into the future," said Bernie Morgan, chief executive of the CDFA. "We wanted to have a code of practice that raised standards across the sector."