Six associations have signed a historic agreement

Alex Burke,  Senior Writer,  No More Practice Education

The Financial Planning Association of Australia (FPA), 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) have joined forces to develop an ASIC-compliant code monitoring solution.

We've previously discussed how from 1 January 2020, any adviser will be required to comply with a code of ethics and be covered by a scheme “under which their compliance with the code will be monitored and enforced.”

ASIC explained that licensees will need to ensure all authorised representatives must be covered by an ASIC-approved compliance scheme. For advisers who join a licensee before 15 November 2019, the licensee will have until 1 January 2020 to ensure they’re covered.

Following on from that, the FPA lodged an expression of interest to administer a separate legal entity, Code Monitoring Australia (CMA), which  would be responsible for enforcement of

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