SMSF Association Submission
The SMSF Association (SMSFA) welcomes the opportunity to provide a submission on the Financial Adviser Standards and Ethics Authority’s (FASEA) Code of Ethics Guidance.
The SMSF Association understands and supports FASEA’s intention to raise ethical standards above the existing law. The updated Guidance reflects the industry and SMSF Association’s call for more principle based and overarching guidance. This approach will help advisers understand and apply the Code with regards to their very specific examples.
We are also supportive of the greater importance given to the intent of the Standards which was less clear in preceding FASEA documentation and Guidance. The updated Guidance now reflects the fact that not all advisers, licensees, associations and regulators had the benefit of being a part of FASEA’s roundtable consultation to hear their verbal intentions behind the Code and to raise the standards of behaviour in a reasonable manner. Ultimately, it is only the written Code and Guidance that is determinative, particularly years into the future.
Apart from our specific feedback detailed later in this submission on ‘scaled advice’, the SMSFA supports the broader intent of each Standard in the Code. Download the full submission below to read more.