Six industry associations have joined forces to create a proposed joint code monitoring body – Code Monitoring Australia (CMA) – which has submitted a proposal to ASIC to advance a profession-wide solution to the monitoring of the FASEA Code of Ethics.
The FPA, the AFA and a consortium of four other professional associations filed a formal submission with ASIC on behalf of CMA.
The submission provides an actionable solution to the 15 November 2019 deadline when all financial planners/advisers are required to subscribe to an approved code monitoring body.
CMA was established in late 2018 as an independent body to monitor and enforce compliance with the FASEA Code of Ethics that comes into effect from 1 January 2020.
FPA CEO, Dante De Gori, says they have provided what they 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,” De Gori said, confirming CMA has also commenced advertising roles for the Compliance Scheme Governing Body via Seek.
CMA is a wholly owned subsidiary of the FPA, the AFA and the four other professional associations currently participating in CMA, which include:
- Boutique Financial Planning Principals’ Group (BFP)
- Financial Services Institute of Australasia (FINSIA)
- Self Managed Super Fund Association (SMSF Association)
- Stockbrokers and Financial Advisers Association (SAFAA)
We now are paying thousands of dollars for ASIC salaries to monitor advisers.
There are becoming so many Government and private entities whose task it is and will be to monitor advisers.
Who will monitor them so we do not end up with a similar fiasco that the Building Industry is facing, where every one including the Government is blaming each other and as usual, the Australian public is left confused, angry and out of pocket due to unworkable regulations.
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