Update on FASEA code guidance on the wayBY ELIZABETH MCARTHUR | FRIDAY, 29 NOV 2019 2:42PMFinancial Adviser Standards and Ethics Authority chief executive Stephen Glenfield has confirmed more guidance on the contested Code of Ethics is imminent. Related News |
Editor's Choice
Australian dividend distributions rebound in Q3
|Australia saw a significant rebound in dividend distributions in the quarter to September 30, with the recovery attributable to BHP and the broader mining sector.
Aequitas hires from Vanguard again
|Aequitas Investment Partners has named a head of asset consulting, joining from Vanguard Australia.
RBA delivers another hike in split decision
|The Reserve Bank of Australia delivered its fifth interest rate hike this year, but the monetary board was split in its decision.
Sequoia profits tank as advisers flee
|Sequoia's Q1 revenue dropped close to 60% while also recording a profit loss. Despite this former chief executive Garry Crole took home more than $400k.
Further Reading
Products
Expert Feed
When geopolitics becomes a portfolio risk
Geopolitics is back - again - and Australian investors can no longer treat it as distant background noise.
Does association membership still matter?
With all the changes the advice sector has experienced in recent years, such as regulatory reform and increased education and professional standards ...
Digital assets and where they stand in 2026
So far in 2026 digital assets have captured the headlines largely for the wrong reasons, but that doesn't tell the full story.
Rethinking default design in a changing market environment
The evolution underway in the US DC system highlights the value of periodically reassessing default design assumptions.
Featured Profile
Jacqueline Fernley
CHIEF EXECUTIVE OFFICER
ARC POINT OCIO PTY LTD
ARC POINT OCIO PTY LTD
Jacqueline Fernley is a self-confessed nerd, a market animal and as of this year, her own boss. Riddhima Talwani writes.
The Financial Standard podcast Tune in each week as we discuss the latest developments in Australia's wealth management industry. |  |
As a senior Financial Planner of 25 years in the game. I am very concerned about possible future interpretations of the Adviser Code of Ethics. We need a crystal clear code that is in unison with the law that is passed by parliament. I don't think that Glenfield's responses to questions are very helpful, as he seems to be saying that it all about the "Vibe" of the code....I think that the Ethics Code enforces are going to have a field day with this in the future.
De Gori's comments about only needing guidance if there is ambiguity in the code are partly correct. He's either not a lawyer?or being disingenuous. A court will always look at the terms of the Code as directed and look at the Guidance, and particularly the Values which are *paramount* (remember). The bulk of the terminology used including "conflict of interest" are already defined in the common law. So, the courts aren't just going to interpret the Code in any way they want. The Values and objectives are all consistent with basic fiduciary concepts, so the level of uncertainty is really not as claimed.
As for FASEA only creating the Code and not enforcing it, all I can say is, GOOD, that follows a constitutional principle called "separation of powers"! Hardly a criticism of FASEA.