ASIC Outlines Licensee Obligations For Code

On Tuesday ASIC released a media statement regarding the role it expects licensees to take in monitoring advisers’ adherence to the new FASEA ethics code. The code will come into force on January 1st next year as scheduled, despite industry pressure for an extension to the start date, along with the lack of an ASIC approved compliance scheme or a single disciplinary body to monitor and enforce adherence to it. Without much of the regulatory framework in place, ASIC says licensees will still be required to take reasonable steps to ensure that their financial advisers comply with the code.