The legislative instrument was informed from consultation received through 37 formal submissions during FASEA’s consultation process for this standard from March to June 2018, according to a statement.
FASEA said that, under the standard, the Code of Ethics addresses the values of trust, competence, honesty, fairness and diligence. It also said that all advisers must act at all times, in all cases, in a manner that is demonstrably consistent with the 12 standards which will be monitored by ASIC’s approved code monitoring bodies.
Further, it added that the explanatory statement to the standard contains case studies to provide guidance for stakeholders in the practical application of the code, with further case studies to be made available in a forthcoming guidance document that will be provided in due course.
“We welcome stakeholder feedback for the final phase of development of FASEA’s Code of Ethics standard and it will be reviewed prior to release of the final standard,” said FASEA chief executive Stephen Glenfield.
All feedback and submissions on the legislative instrument are due by 19 December.
Whatever version of FASEA passes, it MUST apply to All involved, including the FASEA CEO’s, Executives & Managers.
Given every part of the Financial System has had issues and let the system down, especially the Institutional CEO’s, Executives & Managers and Government bodies, these people must be made to jump through the same hoops as the lowly Financial Advisers.
It is disgusting and always the case that ALL the problems and ALL the extra regulation get pushed down to the Financial Advisers, whilst the top end of town and the government get away with zero extra regulation, compliance or education.
FASEA for ALL involved !!!!!!
FASEA for ALL involved in any part of Financial Services !!!!!
– ASIC, APRA, ATO, etc CEO’s, Executives & Managers making these rules must have passed them.
– All Politicians must do FASEA, especially the ETHICS.
– All Bank CEO’s, Executives & Managers must do FASEA.
– All Life Insurance Co. CEO’s, Executives & Managers must do FASEA.
– All Super Fund Trustees, CEO’s, Executives & Managers must do FASEA.
– All Financial Associations, FPA, FSC, AFA, SMSFA, etc CEO’s, Executives & Managers must do FASEA.
– And let’s not forget the FASEA CEO’s, Executives & Managers must do FASEA, surely these people need to have passed the qualifications to be forcing them on Advisers.
If FASEA do not address the rest of the industry, especially the top people involved, it is a complete joke.
I can’t see why this shouldn’t be mandatory for local, state, and federal politicians too!
This should be mandated on anyone who works in the financial services industry, including those that work in the product manufacturers, incl admin and call centres. Its about time the managers of these operation as well as the banks, get the same stick to beat them with as we do. It should also be made compulsory for any director to join an organisation like to ICD and if stripped of their membership can no longer be a director of any company until they can prove they have rectified their ways. It about time not only those at the coal face got flogged.