Announcements

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

Nov 3, 2021Media Releases

MEDIA RELEASE

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 interpreting 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).

Pursuant to section 921U(1)(b) FASEA is required to review instruments regularly.

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 Code of Ethics provides an ethical framework of values and standards to assist advisers in exercising their professional judgement in the best interests of their clients.  FASEA understands that some stakeholders have raised concerns regarding the wording of Standard 3 and welcomes stakeholder feedback on proposed options to align the wording of the Standard with the intent of the standard.” FASEA Chief Executive Stephen Glenfield said.

The Consultation Paper on proposed options for amendment to Standard 3 of the Financial Planners and Advisers Code of Ethics 2019 can be accessed here.

All feedback and submissions are welcomed on the Consultation Paper and can be submitted through FASEA’s dedicated consultations email consultation@fasea.gov.au until 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.