A number of financial advisers have expressed concern and disappointment that the Financial Adviser Standards and Ethics Authority (FASEA) code of ethics consultation this week has been restricted to industry groups and dealer group licensees.
The advisers, worried about the short time-frame between the consultation and 1 January, 2020, when the code of ethics becomes effective, had sought to become involved in the FASEA process but were told they would have to rely on their licensees.
However, they noted that self-licensed advisers had also been excluded from the consultation process.
The adviser concerns about the narrowness of the consultation process have come on the back of the Association of Financial Advisers suggesting that the Government should delay implementation of the code of ethics until problems with it are appropriately resolved.
The AFA together with other industry representatives bodies, including the Financial Planning Association (FPA) entered into consultation with FASEA yesterday, with advice licensees scheduled to be part of the consultation today (Thursday).
Money Management understands that Wednesday’s consultation with planning groups including the FPA and AFA was attended by a number of FASEA board members and ministerial staffers.