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.
SUBSCRIBE TO THE IFA DAILY BULLETIN
News
- 25 May 2018‘Never been a better time’ for advice: MorningstarBy Killian Plastow
- 25 May 2018ASIC takes former AFSL director to courtBy Reporter
- 25 May 2018Henderson Maxwell owner launches investigationBy Aleks Vickovich
- 25 May 2018CBA issues update on AUSTRAC proceedingsBy Reporter
- 25 May 2018Employers granted unpaid super amnestyBy Jessica Yun
- 25 May 2018Bernardi backs bank withdrawal from wealthBy Aleks Vickovich
- view all
