ASIC commences ethics compliance consultation

The corporate regulator has issued a consultation paper on its proposed approach to approving and overseeing adviser compliance with the FASEA code of ethics.

ASIC deputy chair Peter Kell said compliance with the incoming adviser code of ethics (being introduced as part of the incoming education and training standards) will be a “key component” of professionalism of the industry.

“Monitoring and enforcing compliance with the code of ethics is a significant responsibility that will be resource intensive for the bodies that take on this role,” Mr Kell said.

“The compliance scheme framework is key to the successful operation of the proposed code of ethics, which must have the greatest possible influence on the behaviour of financial advisers.”


Compliance with the code will be overseen by ASIC-approved compliance schemes, the regulator said, and will need to be “robust, transparent, fair and consistent” to be effective.

The consultation paper for ASICs proposed approach to approving and overseeing compliance schemes for financial advisers can be read here, and submissions can be made until 28 June 2018.

ASIC commences ethics compliance consultation
FASEA, adviser ethics, education standards, adviser standards, ASIC, corporate regulator
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