11 February 2019
FASEA releases Code of Ethics Standard
FASEA has today released the legislative instrument and explanatory statement for the Code of Ethics standard.
The legislative instrument was informed through consultation received in 18 submissions during the final consultation period for this standard in November and December 2018.
Following this consultation, FASEA has clarified aspects of the Code, including the values underlying the Code, and amending standards around conflicts, the best interests of the client, the effects of advice on the client and adviser record-keeping.
The Legislative Instrument has been registered on the Government’s Legislative Instruments Register and can be viewed here.
The Explanatory Statement to the Legislative Instrument also contains additional guidance for stakeholders on the operation of the Code.
Additionally, a guidance document that includes case studies for each standard will be released shortly.
“We thank stakeholders for their input during the consultation process for FASEA’s Code of Ethics standard, which has informed the final version of the Legislative Instrument. The registering of the Code of Ethics represents a significant milestone in providing a framework to lift the ethical and professional standards of financial advisers” FASEA Chief Executive Stephen Glenfield said.