21 November 2018
FASEA releases Code of Ethics Legislative Instrument
FASEA has today released its legislative instrument for the Code of Ethics standard for consultation.
The legislative instrument was informed from consultation received through 37 formal submissions during FASEA’s consultation process for this standard from March to June 2018.
Under the standard, FASEA proposes the Code of Ethics addresses the values of Trust, Competence, Honesty, Fairness and Diligence. All advisers must act at all times, in all cases in a manner that is demonstrably consistent with the 12 standards which will be monitored by ASIC’s approved code monitoring bodies.
The explanatory statement to the standard contains case studies to provide guidance for stakeholders in the practical application of the code, with further case studies to be made available in a forthcoming guidance document that will be provided in due course.
The legislative instrument and explanatory statement can be viewed here.
All feedback and submissions on the legislative instrument can be submitted through FASEA’s dedicated consultations email firstname.lastname@example.org by 19 December 2018.
“We welcome stakeholder feedback for the final phase of development of FASEA’s Code of Ethics standard and it will be reviewed prior to release of the final standard,” FASEA Chief Executive Stephen Glenfield said.