FASEA CEO Stephen Glenfield has said the authority will be handing Treasury all the submissions it has been provided during its consultations on the Code of Ethics drafts, and that it would be “fair” for Treasury to rethink the code’s seven standards.
Appearing on a SMSF Association National Conference webinar with Christina Kalantzis, compliance director at Alexis Compliance & Risk Solutions, it was put to Glenfield that when Treasury takes over FASEA’s standards-setting functions they would “perhaps looking at rejigging that into the form they want going forward”.
“I think that’s very fair,” the CEO replied.
Treasury making their own adjustments to the code based on industry feedback and their own assessment would be consistent with the structure provided by the Corporations Act for the education mandate, he explained.