The Financial Planning Association of Australia The Financial Planning Association of Australia

Code Monitoring Australia submits proposal to ASIC

The Financial Planning Association of Australia (FPA) and a consortium of five other professional associations have filed a formal submission with the Australian Securities and Investments Commission (ASIC) on behalf of Code Monitoring Australia Pty Ltd (CMA) to advance a profession-wide solution to the monitoring of the FASEA Code of Ethics.

The proactive submission provides an actionable solution to the fast-approaching 15 November 2019 deadline when all financial planners/advisers are required to subscribe to an approved code monitoring body.

Code Monitoring Australia Pty Ltd (CMA) was established in late 2018 as an independent body to monitor and enforce compliance with the Financial Adviser Standards and Ethics Authority (FASEA) Code of Ethics that comes into effect from 1 January 2020.

FPA CEO Dante De Gori CFP® said: “I can confirm we have provided what we believe is a detailed and well-considered solution to ASIC. The decision is now with them, but given how tight the timeline is until November we’re preparing as much as we can in readiness for a green light, just in case. To that end, Code Monitoring Australia has also commenced advertising roles for the Compliance Scheme Governing Body via Seek.”

Code Monitoring Australia Pty Ltd is a wholly owned subsidiary of the FPA. The five other professional associations currently participating in CMA are the Association of Financial Advisers (AFA), Boutique Financial Planners (BFP), Financial Services Institute of Australasia (FINSIA), Self Managed Super Fund Association (SMSF Association), and Stockbrokers and Financial Advisers Association (SAFAA).