The Financial Adviser Standards and Ethics Authority Limited (FASEA) was established as a Commonwealth company on 11 April 2017 to set the education, training and ethical standards of financial advisers who provide personal advice on relevant financial products to retail clients.
On 13 June 2017, FASEA was declared as the standards body under the Corporations Act 2001.
Under the Corporations Act 2001, FASEA is responsible for:
- approving degrees or higher or equivalent qualifications
- approving foreign qualifications
- approving and/or administering the exam
- determining the requirements for the professional year
- selecting an appropriate common term for provisional relevant providers
- setting supervision or other requirements for provisional relevant providers
- determining the continuous professional development (CPD) requirements in relation to licensees’ CPD years
- determining the requirements for financial advisers whose CPD year changes and whether to modify the operation of the Corporations Act for these individuals, for example, by requiring licensees to report non-compliance with the CPD requirement at a time other than at the end of their new CPD year
- determining the bridging course requirements for existing providers
- setting the Code of Ethics.
Egon Zehnder has been appointed by the Board to search for, and recommend a CEO for FASEA.