The corporate regulator’s three-year exemption for advisers from their compliance obligations has come into effect.

The Australian Securities and Investments Commission announced last month that it would grant the exemption, after the Federal Government announced it would create a single disciplinary body for the industry.

The announcement led to the withdrawal of industry plans to create a compliance scheme to monitor and enforce the code of ethics created by the Financial Adviser Standards and Ethics Authority.

That scheme was being crafted by the Financial Planning Association of Australia, the Association of Financial Advisers, the Boutique Financial Planners, the Financial Services Institute of Australasia, the Self-Managed Super Fund Association, and the Stockbrokers and Financial Advisers Association of Australia.

The exemption will give advisers time to make sure they are registered with the new scheme. Advisers still have to take reasonable steps to ensure they comply with the code from January 1.