FPA lodges expression of interest to ASIC to establish a Code Monitoring Body

Dante De Gori

Dante De Gori

The Financial Planning Association of Australia (FPA) has lodged an expression of interest to ASIC this week to administer and enforce a compliance scheme for higher education and ethics standards across the financial planning profession. It has established a separate legal entity called Code Monitoring Australia Pty Ltd to run the proposed Compliance Scheme for FPA members and non-members alike.

FPA CEO Dante De Gori CFP® explains, “Membership of a Code Monitoring Body is mandatory for all financial planners and financial advisers. The FPA lodged an expression of interest to ASIC to ensure there is an appropriate solution for our members.”

The FPA is actively working to achieve the outcomes required under the Corporations Amendment (Professional Standards of Financial Advisers) Act 2017 (Act) (Compliance Scheme) and set out in ASIC Regulatory Guide 269 Approval and oversight of compliance schemes for financial advisers.  The deadline for expressions of interest to ASIC was 31 October 2018.

Mr De Gori says code monitoring benefits all Australians seeking financial advice because it will give consumers greater confidence and trust in the advice they receive. “We need to protect everyday Australians, and raise the standards of our collective financial services profession. We believe that financial planners and their clients can operate under a professional scheme rather than a more expensive commercial alternative which may not bring the depth of understanding of the various business models in the marketplace.“

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