CP 300 Approval and oversight of compliance schemes for financial advisers

Released 15 May 2018. Comments close 28 June 2018.

From 1 January 2020, each individual who is authorised to provide personal advice to retail clients about relevant financial products (financial advisers) must comply with a code of ethics and be covered by a scheme under which their compliance with the code of ethics will be monitored and enforced (compliance scheme). Compliance schemes must be approved by ASIC.

This consultation paper is primarily for applicants for compliance scheme approval, but it may also be of interest to financial advisers and Australian financial services (AFS) licensees who authorise financial advisers. It seeks feedback on our proposed process and criteria for determining whether to grant approval to a compliance scheme and our proposed oversight of compliance schemes on an ongoing basis.

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