Opposition financial services spokesman Stuart Robert said the financial advice industry should enforce its own ethical standards, not ASIC.
Opposition financial services spokesman Stuart Robert said the newly merged Financial Advice Association should oversee industry education standards and discipline members for poor ethics, taking these functions off the hands of the corporate regulator.
and boost access to its services. The Albanese government has not yet responded to the review, which was chaired by Allens lawyer Michelle Levy and handed down its final report in December.Rhett Wyman , upon which the Coalition would support the new Financial Advice Association to take on quasi-regulatory powers akin to the state-based law societies, he said.
The comments indicate a significant policy shift for the Coalition, which in 2017 established the government-run Financial Adviser Standards and Ethics Authority to oversee a new mandatory national exam, tertiary degree and industry code of ethics., splitting its functions between the Australian Securities and Investments Commission and Treasury. It is understood industry bodies including the FPA and AFA had unsuccessfully lobbied the government to take over FASEA’s role.
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