FASEA chief to provide update

The chief executive of the Financial Adviser Standards and Ethics Authority will address delegates at the FPA Congress, with an update expected.

FASEA chief executive Stephen Glenfield will speak as part of a regulatory update, with Julie Berry from the Tax Practitioners Board, ASIC's Kate Metz ASIC and FPA chief executive Dante De Gori also appearing.

Glenfield was a late addition to the regulatory update session and is expected to provide an update on the FASEA Code of Ethics.

He will also speak as part of the FASEA exam insights workshop.

De Gori said: "We're really looking forward to having Stephen address the Congress at this workshop, alongside ASIC and TPB."

"Our members are seeking greater clarity about the FASEA Code of Ethics and this will be the first time that financial planners have the opportunity to hear direct from FASEA since their Code of Ethics guidance was released in October."

With only a matter of weeks until the FASEA Code of Ethics comes into action, Glenfield is expected to provide an update.

FASEA is currently consulting on the Code of Ethics guidance, which was released in October.

Earlier this week, ASIC announced it will not be monitoring or enforcing individual advisers' compliance with the code.

Under the Corporations Act 2001, ASIC does not have a role as a code monitoring body and is specifically prevented from exercising its power to ban an adviser for breaches of the code.

"Financial advisers will still be required to comply with the code from 1 January 2020 and AFS licensees will still be required to take reasonable steps to ensure that their financial advisers comply with the code," ASIC said.

This is despite the fact there is currently no code monitoring bodies established.

The FASEA financial adviser exams insight workshop will provide advisers with study tips to feel more confident in undertaking the exam and ethics bridging course.

Read more: FASEAASICFPAKate MetzStephen GlenfieldDante De GoriJulie BerryTax Practitioners Board
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