FASEA has released its legislative instrument for its Code of Ethics standard following an extensive consultation process.
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.
Adrian Flores is a deputy editor at Momentum Media, focusing mainly on banking, wealth management and financial services. He has also written for Public Accountant, Accountants Daily and The CEO Magazine.
You can contact him on [email protected].
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