The Financial Adviser Standards and Ethics Authority (FASEA) has released the last of seven guides and legislative instruments with the publication of its Code of Ethics Standard.
The finalised standard has been released following a second round of industry consultation during November and December 2018, which attracted 18 submissions and led to FASEA clarifying parts of the code, including its underlying values.
The finalised code also included amendments to standards around conflicts, the best interests of the client, and the effects of advice on the client and adviser record-keeping, and it will come into effect from 1 January 2020, at which time it will be monitored by the Australian Securities and Investments Commission’s approved compliance schemes.
In releasing the code, FASEA also made available the legislative instrument that will give effect to the standard and an explanatory statement that contains case studies on the practical application of the code. Further case studies will be released in a guidance document from FASEA in the near future.
