Six professional bodies representing the advice sector have formally lodged an application with ASIC to become a code monitoring authority.
The Financial Planning Association of Australia (FPA), the Association of Financial Advisers (AFA), Boutique Financial Planners (BFP), the Financial Services Institute of Australasia (FINSIA), the Self-Managed Super Fund Association (SMSF Association), and the Stockbrokers and Financial Advisers Association (SAFAA) came together last year to create the agreement.
Staff in the associations have already begun to see advertisements for a chair, deputy chair, plus additional governing body roles for the new code monitoring authority.
A special purpose company, Code Monitoring Australia (CMA), has been established to operate the compliance scheme, which will be called the Financial Advisers Monitoring Scheme (FAMS).
CMA is a wholly-owned subsidiary of the FPA, whose chief executive Dante De Gori lodged the application with ASIC last week.
“I can confirm we have provided what we believe is a detailed and well-considered solution to ASIC,” said Mr De Gori.
“The decision is now with them, but given how tight the timeline is until November we’re preparing as much as we can in readiness for a green light, just in case.”
The deadline to subscribe to the approved scheme is 15 November, with ASIC to work on the application in time for that.
Eliot Hastie is a journalist at Momentum Media, writing primarily for its wealth and financial services platforms.
Eliot joined the team in 2018 having previously written on Real Estate Business with Momentum Media as well.
Eliot graduated from the University of Westminster, UK with a Bachelor of Arts (Journalism).
You can email him on: [email protected]
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