Earlier this week, FASEA released its code of ethics legislative instrument following an extensive consultation process.
Speaking at the FPA Congress in Sydney on Thursday, FPA head of policy and government relations Ben Marshan said he’s received many enquiries around FASEA from advisers about the education standards, and a little bit about the exam, but “virtually none on the code of ethics”.
“This is the game changer,” Mr Marshan said. “If something goes wrong in your advice process, or something is not documented in your advice process, they can come to you and know where to find that.
“So you need to start to think about your advice process and how you’re going to demonstrate to a code monitoring body that you comply with this code of ethics.
“You have to be thinking about how you demonstrate that you comply with this code of ethics. You need to understand every word in it. You have to understand how code monitoring bodies are going to interpret it.”
Advisers will be expected to comply with FASEA’s code of ethics from 1 January 2020.
Mr Marshan said the FPA is already starting to map FASEA’s code to its own code of ethics and its code of professional practice.
He also noted to the largely adviser audience of the FPA guidance books it has provided to them over the years as another element that can help them with the transition to the FASEA code.
“We’ll be providing you with further tools that map the FASEA code to our code, to the TPB code and to these guidance documents, so you can sit down and start to work through your advice process over the next 12 months so that you’re ready to go with code monitoring as the year goes on,” Mr Marshan said.
“If you’ve set up your financial planning practice and the way you provide advice to your clients to comply with the FPA code of professional practice, then you’re in a pretty good position to know that you’ll be OK with the code monitoring body.”
WHY DO WE NEED 3 BLOODY CODES? cant they get their acts together AND COMBINE AS ONE- FPA FARCEA AND TPB.
News Flash – FPA conference now being held in Dante De Gori’s kitchen, no need for a conference centre, Sam Henderson is cooking the snags, Mark Randall has got the bread and the other four losers attending are each bringing sauce. FASEA bosses are refusing to bring the onions unless AMP reimburse them. Sounds like a hoot.
[quote=Anonymous]Surprise surprise, like we didnt see this coming. Anyone still a member of the FPA should be asking serious questions.[/quote]
Out of interest, where can I find the IFA code of ethics?
Ben have the FPA received $50,000 from Sam Henderson yet? #gamechangerlol
Idiots !!! Do they really think this crap will change a dishonest adviser?
No Ben. A game changer would be delivering advice to the client in 3 days instead of 3 weeks … or even months. A game changer would be cutting the cost of advice in half so that the Australian’s who need advice the most can more easily access. A code of ethics might make the FPA feel good about it’s relationship with politicians, but a game changer it is not. The FPA really has lots the plot
A Game Changer would have been If FARSEA had given the CFP that is the GOLD standard recognition that FPA touts!!! LOL
These hanger on’s all riding on the back of financial planners, clipping the ticket.
Most of them would not last a year as a financial planner, but no they get paid regardless.
FFS, your are killing the industry
*You are
What exactly is game changing about it? The code appears to contain nothing that a good adviser wouldn’t have been doing for some time now.
Surprise surprise, like we didnt see this coming. Anyone still a member of the FPA should be asking serious questions.
The FPA are a joke. Massive junket on this week for all their members which costs around $1,000 and the rest paid for by product providers.
Andrew, so you didn’t get an invite (or you just can’t afford the $1k)?
Don’t worry, it’s very windy today in Sydney and the airport is in a little chaos so you may have dodged a bullet there Andrew.
Advisers running around saying they are independent and having majority costs covered by product providers. What a rort.
Andrew, so you were there!
Wouldn’t waste my time with it, I have clients to deal with. Just seen a number of things on social media from those who refer to themselves as independent. Think it breaches the rules is all.
Anonymous,
Thanks for your thoughts, they were profound and enlightening.
Yep. The FPA with no ethics talking about ethics. Nothing changes with them. They used to talk about their education standards being the best and advisers would be completely ok with them, just pay us the money. Then comes FASEA to prove it was a waste of time and money. Now they are saying if we follow their new code “we should be ok”, just pay us the money so we can now profit from FASEA. They are a joke and its time advisers cancelled their useless memberships.