The Australian Securities and Investments Commission (ASIC) has created a new section on its website to help financial advisers navigate the incoming professional standards requirements.

The new requirements are aimed at lifting the education, training and ethical standards in the financial advice sector.

ASIC’s website now provides an overview of the new requirements, as well as related information on:

• the scope of the reforms
• the obligations on advisers
• the commencement dates of the reforms
• the Financial Adviser Standards and Ethics Authority
• compliance schemes for the Code of Ethics, and
• updates to the Financial Advisers Register.

This information will help financial advisers, and those coming into the advice industry, prepare for the new requirements.

This information can be found on the ASIC website at Professional standards for financial advisers- reforms.

Background

The Corporations Amendment (Professional Standards of Financial Advisers) Act 2017 commenced on 15 March 2017. It introduces a number of new requirements for advisers who provide personal advice to retail clients on more complex financial products.