ASIC compliance oversight – announced

Alex Burke,  Senior Writer,  No More Practice Education

Ending the week with a bang, ASIC has released its proposed approach for overseeing code of ethics compliance schemes for financial advisers, also known as RG269.

The has explained that from 1 January 2020, any adviser will be required to comply with a code of ethics and be covered by a scheme “under which their compliance with the code will be monitored and enforced.”

The guide itself is quite extensive – you can read it here – but let’s cover off some of the key points for advisers and licensees.

Obligations for licensees

ASIC explained that licensees will need to ensure all authorised representatives must be covered by an ASIC-approved compliance scheme. For advisers who join a licensee before 15 November 2019, the licensee will have until 1 January 2020 to ensure they’re covered.

Further, licensees will have 30 business days from the date of authorisation to ensure any adviser is covered

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Paul Meleng

28/09/18

Put my name down for a subcontract job as a first step SOA checker. Ideal gig economy type job for a retired adviser of 30 years eperience ,still fully alert and up to date. I was reaching my peak when I sold business to have cancer treatment. The treatment worked and now Im bored and keen to engage in improving the advice scene. So many good people to interact with.

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