FINSIA Council member News Update announces a code monitoring agreement (see below). What interesting is the interaction between various standards and requirements. Legal standards, regulations, licence requirements, code standards, and contract terms all form a complex web of requirements for an advice business. Governance processes to monitor meeting all the requirements are central to the operation of the business. What can be safely outsourced, versus what must be managed within the business, will be a major issue for advice businesses whatever their size.
FINSIA signs up to landmark code monitoring agreement with professional associations
The Financial Services Institute of Australasia has agreed to be part of a group of six professional financial planning and advice associations developing a code monitoring solution for members to deal with upcoming regulations.
The associations have agreed to work together to submit a code monitoring compliance scheme application to ASIC so the Financial Adviser Standards and Ethics Authority (FASEA) code of ethics can be monitored and enforced.
Chris Whitehead, FINSIA CEO and MD, F FIN, said: “As the professional membership body for the financial services sector, FINSIA brings its expertise to the cooperating associations to help lift professional standards within the sector by the introduction of a defined code monitoring cooperation agreement.
“FINSIA supports its members by ensuring the financial planning and advice sector is recognised as a profession by developing a scheme by the profession for the benefit of the community.”
For a copy of the media release, ‘A landmark code monitoring cooperation agreement announced by professional associations’ please click here
FINSIA is committed to keeping its members up to date on initiatives like these that help raise standards of professionalism for the financial services sector.