
What you need to know about the FASEA Code of Ethics
The Financial Planner and Financial Adviser Code of Ethics (the FASEA Code) commenced on 1 January 2020. It sets values and standards which financial planners must adhere to.
The FPA produced a 2019 Roadshow booklet: Helping you understand the FASEA Code of Ethics to assist members with meeting the standards of the Code.
In October 2019, FASEA released Guidance to clarify the meaning of the Code’s standards. FASEA is continuing its consultation with stakeholders, including the FPA, to finalise this Guidance. As detailed in our submission, the FPA has particular concerns about the Code’s lack of clarity about its requirements for conflicts of interest, remuneration and referrals.
Monitoring Code compliance
As the Government announced it will establish a new single disciplinary body, financial planners no longer have to register with an ASIC approved Code compliance scheme (see ASIC’s statement).
ASIC will take a facilitative approach to compliance with standards 3 and 7 of the Code until the new disciplinary body is operational. It is important to know the reasonable steps ASIC expects financial planners and licensees to take to comply with the Code during the facilitative period.
FASEA continues to update its FAQ on what financial planners and licensees must do while its Guidance is being finalised.
What you need to know about the Exam
Exam Dates |
FASEA has announced Exam dates and locations for February, April, June, August, October and December of 2020. FASEA’s website details the registration period for each Exam date. |
Exam Locations | Exams will be held in more than 20 locations across metropolitan and regional Australia (See FASEA website) |
Preparing for the exam |
FASEA has released guidance to help prepare for the exam, which includes detail on the curriculum, reading list and practice questions. The FPA’s 2019 Roadshow booklet: Helping you understand the FASEA Code of Ethics may help also assist with Exam preparations. |
How to register | You can register to sit for the exam via the FASEA website. |
Support for FPA members
To help you stay up to speed, we’re already working on updates to FPA Return to Learn to include the new information from FASEA. Return to Learn is your online education hub bringing together what you need to know to be FASEA compliant.
We know that for many of you it may have been a while since you prepared for and sat an exam, so you’ll find lots of tips and resources to help you get ready on Return to Learn.
For further detailed information on the FASEA exam, please refer to the FASEA website.
The Financial Adviser Standards and Ethics Authority (FASEA) has set the following standards for financial planners:
We are always keen to hear your valuable feedback and suggestions. Please let us know if there are issues or concerns that affect you.