The Financial Adviser Standards and Ethics Authority (FASEA) has announced that it would commence its first public consultation on 12 November for its Code of Ethics (COE), following criticism from the Financial Planning Association and the Association of Financial Advisers.
In an announcement FASEA said it would consult with designated representatives of consumer, professional, education and other industry groups to provide opportunity for consultation on the practical elements of the code and to communicate and explain the integrated nature of the code.
It said on 22 October it invited consultation participation from industry professional stakeholders.
“To coincide with the release of the Guidance to the Code of Ethics, FASEA will hold a series of consultation briefing sessions with stakeholders to share FASEA’s Guidance on the COE (with particular emphasis on the integrated nature of the code), how it is expected to be operationalised and how to use the COE guidance as a tool to facilitate understanding of the practical application of the code,” it said.
“It is intended FASEA will present an overview to stakeholder participants and workshop a number of examples in the Guidance to assist stakeholders to have a consistent understanding of the operation of the Code and its impact on advisers.”
Earlier today, the FPA attacked FASEA for failing to adequately consult with financial planning professional bodies or their members for two and a half years while the AFA accused FASEA of going beyond its remit on the code on Tuesday.