With no oversight and with the formulation of a disciplinary body still in transition, advisers and licensees have put on hold the supervision and application of the Code of Ethics despite the possible legal ramifications associated with doing so.
Currently it is a requirement under the Corporations Act following reforms introduced in March 2017 to adhere to new professional standards including compliance with the Code of Ethics. In its timeline the securities regulator sets out that from January 2020 advisers who are authorised representatives of AFSL holders must apply with the code.
“I’m not aware of any AFSL having incorporated anything to do with supervising or administering the Code,” said Dan Brammell (pictured, far right), head of AFSL holder Independent Financial Advisers Australia and president of the Profession of Independent Financial Advisers.