A submission to the Australian Securities and Investments Commission (ASIC) has been lodged on behalf of Code Monitoring Australia by the Financial Planning Association (FPA) and five other industry bodies to establish a profession-wide service to keep track of the Financial Adviser Standards and Ethics Authority (FASEA) code of ethics program.
“I can confirm we have provided what we believe is a detailed and well-considered solution to ASIC. 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,” FPA chief executive Dante De Gori said.
“To that end, Code Monitoring Australia has also commenced advertising roles for the compliance scheme governing body via Seek.”
The submission has been made to ensure a code monitoring body exists to have compliance with the FASEA code of ethics properly supervised when it is introduced from 1 January 2020.
The other bodies joining the FPA in lodging the submission were the SMSF Association, Association of Financial Advisers, Boutique Financial Planners, Financial Services Institute of Australasia, and Stockbrokers and Financial Advisers Association.
Code Monitoring Australia is a wholly owned subsidiary of FPA Australia.
In December last year, the associations making up Code Monitoring Australia agreed to collaborate to submit a code monitoring compliance scheme for their members to ASIC.
