FPA makes formal bid to be code-monitoring body
The Financial Planning Association has taken the first step towards becoming a code-monitoring body within the new Financial Adviser Standards and Ethics Authority (FASEA) regime, writing to its members to confirm it has filed a formal expression of interest with the Australian Securities and Investments Commission (ASIC).
In doing so, the FPA has established a separate legal entity – Code Monitoring Australia – which will also offer coverage to non-FPA members.
The message to members, signed by FPA chief executive, Dante De Gori described code-monitoring status as being an appropriate solution for FPA members.
Pointing out that as part of the new professional standards legislation financial planners will be subject to the FASEA Code of Ethics, including mandatory membership of a Code Monitoring Body from 15 November, next year, De Gori said the FPA had “lodged an expression of interest to ensure there is an appropriate solution for you, our members”.
“We believe that financial planners would prefer to operate under a scheme operated by a professional association rather than a potentially more expensive commercial alternative, which may not bring the depth of understanding of the various business models in the marketplace,” his letter said.
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