Announcements

FASEA RELEASES PRELIMINARY RESPONSE TO SUBMISSIONS ON THE CODE OF ETHICS GUIDANCE

Dec 20, 2019

MEDIA RELEASE

FASEA released FG002 Financial Planners and Advisers Code of Ethics 2019 Guidance document (the guidance) on the 18th October 2019.

During November 2019 and December 2019, FASEA undertook broad stakeholder consultation on the guidance conducting briefings with education providers, licensees, consumer bodies, industry associations and regulator stakeholder representatives.

The aim of the consultation was to:

  • Receive feedback on practical elements of the Financial Planners and Advisers Code of Ethics 2019 (the Code);
  • Communicate and explain the integrated nature of the Code; and
  • Receive Feedback on the guidance document.

The sessions had active participation from more than 100 stakeholders who provided valuable feedback for FASEA.

Over the consultation period, FASEA received 26 written submissions from organisations and individual financial advisers.

The feedback provided from stakeholders during the consultation period highlighted some consistent themes regarding complying with the Code from 1 January 2020 on which stakeholders are seeking clarity from FASEA.

FASEA today issues a Preliminary Response to Submissions – FG002 Financial Planners and Advisers Code of Ethics 2019 Guidance (link) to provide clarification on the interpretation and application of the Code relating to a number of matters raised by stakeholders during the consultation.

FASEA will continue to consult and engage with stakeholders in the lead up to the implementation of the Single Disciplinary Body.

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.