The FSC, AFA and FPA have announced their support for the newly-established Financial Adviser Standards and Ethics Authority, but note there is still more work to do before advisers can begin transitioning to the new standards.
Yesterday, the government announced the members of FASEA board, which will be responsible for governing the conduct of professionals in the financial advice sector.
FSC said it looks forward to working with the board and getting a new regime up and running ahead of the 1 January 2019 start date.
FSC chief executive Sally Loane said, “There is a lot of work to do ahead of the 1 January deadline, not just to set the standards and publish the Code of Ethics but also to ensure that advisers have time to complete and meet the new requirements.
“The next step will be for FASEA to appoint the CEO and a lean and efficient secretariat as soon as possible to enable stakeholders to work through the detail of the new education and professional standards requirements.”
Meanwhile, AFA president Marc Bineham called the formation of FASEA a key milestone in providing clarity on the specifics of professional standards and education pathways for financial advisers.
“We believe it will help strengthen the trust and confidence in financial services that is so necessary to encourage more Australians to seek financial advice,” he said.
FPA chief executive Dante De Gori added he believes the FASEA board has “the breadth and depth of experience necessary to approve the education standards for financial advisers, the exam and the model code of ethics”.
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