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 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: