FASEA still on notice to explain code of ethics consultation



The Financial Adviser Standards and Ethics Authority (FASEA) is again on notice to explain to Senate Estimates how it went about the consultation process around the development of the financial adviser code of ethics.
Cross-bench South Australian Senator, Rex Patrick placed key questions to FASEA on the Senate notice paper which, as yet, remain unanswered by the authority.
Patrick has asked FASEA which stakeholders were engaged in the consultation period around the development of the code of ethics, whether the consultation was conducted by “survey, by some sort of town hall meeting-and, indeed, from which entities you received submissions” and the timelines.
“Could you maybe lay out the actual internal process that FASEA went through in terms of who was involved in that final determination and how they took input from consultation and acted on it,” the Senator asked.
The questions on notice to FASEA are among a raft of questions asked during the March Senate Estimates hearings, none of which have yet been answered by any of the Government departments and agencies involved.
Recommended for you
The new financial year has got off to a strong start in adviser gains, helped by new entrants, after heavy losses sustained in June.
Michael McCorry, chief investment officer at BlackRock Australia, has detailed how investors are reconsidering their 60/40 portfolios as macro uncertainty highlight the benefits of liquid alternatives.
Having reset its market focus to high-net-worth advisers, Praemium’s administration solution has been selected by Bell Potter in a deal that increases the platform's funds under administration by $6 billion.
High transition rates from financial advisers have helped Netwealth’s funds under administration rise by $3.7 billion in the fourth quarter of FY25.