Consultation on Standards
Recent consultations
Draft Legislative Instrument for Continuing Professional Development
Continuing Professional Development Draft Legislative Instrument This consultation process has now been completed22/11/2018 - 07/12/2018 CONSULTATION CLOSED FASEA proposes advisers are required to complete 40 hours of CPD each year of which 70% will need...
Draft Legislative Instrument for Code of Ethics
Code of Ethics Draft Legislative InstrumentThis consultation process has now been completed21/11/2018 - 19/12/2018CONSULTATION CLOSEDThe Code of Ethics imposes ethical duties that go above the requirements in the law. It is designed to encourage higher...
Draft Legislative Instrument for Relevant Providers Degrees, Qualifications and Courses
Relevant Providers Degrees, Qualifications and Courses Standard Draft Legislative Instrument This consultation process has now been completed20/11/2018 - 14/12/2018 CONSULTATION CLOSED Section 921U (2) (a) (i) of the Corporations Act 2001 (the Act)...
Draft Legislative Instrument for Work and Training Requirement
Work and Training Requirement Draft Legislative Instrument This consultation process has now been completed16/11/2018 - 30/11/2018 CONSULTATION CLOSED Section 921U(2)(a)(iii) of the Corporations Act 2001 (the Act) requires FASEA by legislative instrument...
Over the course of 2018 FASEA released consultation documents for all the standards as detailed in the table below. Each had a timeframe for providing written submissions and there was also a consultation email address that received over 400 additional responses from individuals. Additionally, 10 consultation forums and workshops were run with over 170 participants from various stakeholder groups.
| Standard | Release | Close of consultation | No. of written submissions |
|---|---|---|---|
| Code of Ethics | 20 March 2018 | 1 June 2018 | 37 |
| Education Pathways | 20 March 2018 | 29 June 2018 | 150 |
| Examination | 11 July 2018 | 31 July 2018 | 67 |
| Professional Year | 23 July 2018 | 15 August 2018 | 24 |
| PRP Term | 23 July 2018 | 15 August 2018 | 14 |
| Foreign Qualifications | 23 July 2018 | 31 August 2018 | 12 |
| CPD | 24 July 2018 | 31 August 2018 | 35 |
Following the initial consultation process, FASEA released for further consultation the Legislative Instruments (LI), Explanatory Statements (ES) and Policy Statements for each of the Standards as appropriate prior to the registration of the Legislative Instruments and Explanatory Statements in the Federal Register of Legislation, as detailed in the table below:
| Standard | Consultation Period | No. of written submissions | LI & ES Registered |
|---|---|---|---|
| Code of Ethics | 21 November – 19 December 2018 | 18 | 11 February 2019 |
| Education Pathways | 20 November 2018 – 14 December 2018 | 92 | 24 December 2018 |
| Examination | 14 December 2018 – 11 January 2019 | 26 | 6 February 2019 |
| Work & Training (Professional Year) | 16 November 2018 – 30 November 2018 | 13 | 19 December 2018 |
| PRP Term | 16 November 2018 – 30 November 2018 | 9 | 17 December 2018 |
| Foreign Qualifications | 22 November 2018 – 14 December 2018 | 8 | N/A |
| CPD | 22 November 2018 – 7 December 2018 | 24 | 20 December 2018 |
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.