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I agree Brian. This is not the first time ASIC have tried to be both the Legislator and the Regulator in Financial Services.
It appears to me that FASEA decided to only consult with ASIC on the Code of Ethics and was not prepared to take accountof submissions provided by Professional Associations and advisers who actullay work in the Financial Planning area.
FASEA was supposedly setup to be a separate government appointed body to look at the educational requirements and Code of Ethics to be applied going forward for Financial Planners. They were supposed to consult all stakeholders when doing this.
Based on the latest revelations with the release of the letter from 2018 showing that ASIC basically told FASEA what they wanted to be in the Code of Ethics (acting as a legislator) but that they were not to let anyone else know about this request.
This just shows how unethical and conflicted are both ASIC and FASEA in this whole process.
If we were to adopt this appoach with our clients I have no doubt prison sentences would result.
It is time the Minister Jane Hume stepped into sort out this FASEA mess before half of the Fnancial Planning fraternity call it quits.