Consultation

FASEA Consultation –Financial Planners & Advisers Code of Ethics 2019 – Standard 3

Nov 3, 2021 | Consultation

Consultation Paper: Financial Planners and Advisers Code of Ethics 2019 – Standard 3

This consultation process
3/11/2021 – 1/12/2021

CONSULTATION OPEN

Pursuant to its obligations under section 921U(2)(b) the Corporations Act (2001), (the Act), FASEA in February 2019 made, via a legislative instrument, the Financial Planners & Advisers Code of Ethics 2019. (the Code).  Financial Advisers are required to comply with the Code from 1 January 2020.

To guide stakeholders in interpretating and implementing the Code, FASEA released guidance in October 2019, December 2019 and further released the Financial Planner and Advisers Code of Ethics 2019 – Guide in October 2020 (the Guide).

Based on feedback received from a range of stakeholders on standard 3 since the Code was registered and more recently during the consultation process conducted on the Guide, FASEA is considering amendment to the wording of Standard 3 to align the wording of the Standard to its intent as explained in the Guide. FASEA would welcome stakeholder input on the amended Standard 3 wording options being considered.

The Consultation Paper provides the proposed options for amendment to Standard 3 of the Financial Planners and Advisers Code of Ethics 2019.

All feedback and submissions are welcomed on the Consultation Paper.

Download

Consultation Paper:  Code of Ethics – Standard 3

Consultation Feedback

FASEA welcomes feedback on the proposed options to amend the wording of Standard 3 of the Code, Submissions for this proposed guidance will close 5pm 1 December 2021.

Following the consultation process, Submissions will be published on the FASEA website, please advise if you would prefer your submission to remain confidential.

Consultation Interests of FASEA

FASEA encourages you to provide feedback on Standard 3 and is interested in your specific feedback on:

  1. Which, if any, of the three options, as offered in the consultation paper, you prefer.
  2. Other wording you might propose that is clearly for the purpose of realising the current (and continuing) intent of Standard 3, with a focus on making that intent clear and to enable effective implementation.
  3. The practical application of options 1,2 and 3 in terms of:
    • Consumer experience
    • Adviser practice
    • Licensee practice
    • Guidance

    MAKE YOUR SUBMISSION

    FASEA invites submissions and/or comments on the Consutlation Paper, and can be submitted through FASEA’s dedicated consultation email  consultation@fasea.gov.au.

    Due date for submission: 5pm 1 December 2021

    The Financial Adviser Standards and Ethics Authority Limited was established in 2017 to set the education, training and ethical standards of financial advisers in Australia.

     

     

    The Financial Adviser Standards and Ethics Authority Limited was established in 2017 to set the education, training and ethical standards of financial advisers in Australia.