A consortium of financial planning professional organisations have made a submission to monitor industry compliance with the Code of Ethics published by the Financial Adviser Standards and Ethics Authority (FASEA).

The monitoring body – Code Monitoring Australia – is a fully-owned subsidiary of the Financial Planning Association (FPA). It was established late last year. The FPA, the Association of Financial Advisers, Boutique Financial Planners, Financial Services Institute of Australasia, the Self-Managed Super Fund Association and the Stockbrokers and Financial Advisers Association submitted the proposal to the Australian Securities and Investments Commission.

All financial planners are required to subscribe to an approved code monitoring body by November 15. The Code of Ethics comes into effect from January 1 next year.

The FPA has begun recruiting for a chair and deputy chair, as well as positions on the governing body and disciplinary panel via SEEK. Applicants must have legal procedural experience, consumer advocacy experience and financial services experience.

“Given how tight the timeline is until November we’re preparing as much as we can in readiness for a green light, just in case. To that end, Code Monitoring Australia has also commenced advertising roles for the Compliance Scheme Governing Body,” FPA CEO Dante De Gori says.