The FPA just lodged a new compliance scheme with ASIC

Alex Burke,  Senior Writer,  No More Practice Education

The FPA has lodged an expression of interest with ASIC to enforce a new compliance scheme for members and non-members.

The separate legal entity, Code Monitoring Australia, would be administered by the FPA and would be responsible for enforcement of a compliance scheme for the entire financial planning profession.

What will it entail?

FPA chief executive Dante De Gori explained: "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," De Gori continued, "which may not bring the depth of understanding of the various business models in the marketplace.”

The regulatory framework

This follows on from ASIC announcing licensees will need to ensure all authorised representatives must

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