The Financial Adviser Standard and Ethics Authority (FASEA) was established in April 2017, to set the education, training and ethical standards of licensed Financial Advisers in Australia.
All existing Financial Advisers are required to sit, and pass, an Ethics examination before 1 January 2021, in order to continue providing financial planning advice.
Additionally, higher education standards are now required. New and existing Financial Advisers must hold, or complete, a FASEA approved bachelor degree (AQF7) level or above, or hold an equivalent qualification.
Existing Financial Advisers must meet this new Standard by 1 January 2024.
Code of Ethics
Compliance with the Code of Ethics is a requirement for all Financial Advisers from 1 January 2020.
The Code, used by FASEA, is a set of principles and core values that lays the foundations for a true profession. It is a principles based model providing a powerful framework to shape and reinforce ethical conduct.