The Australian Securities and Investments Commission (ASIC) has announced that it will not monitor or enforce individual advisers’ compliance with the Financial Planners and Advisers Code of Ethics 2019; and has outlined the steps that must be taken to ensure compliance with the code.
ASIC said that under the Corporations Act 2001, it does not have the role to act as a code-monitoring body. The law also specifically prevented the corporate regulator from exercising its power to ban an adviser for breaches of the code.
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