FASEA is a new government body established under the Corporations Act in 2017 to set the education, training and ethical standards of licensed financial advisers in Australia. This includes accountants, who since 1 July 2016 have been required to be authorised under an Australian Financial Services Licence (AFSL) to provide advice on Self-Managed Superannuation Funds (SMSFs). Prior to this date, accountants had an exemption under the Corporations Act that allowed them to advice on SMSFs without an advice license.

Compliance with the FASEA Code of Ethics is now a requirement for all licensed advisers in Australian from 1 January 2020. This ethical code sits above the Corporations Act, meaning that even if something is legal, advisers are held to a higher ethical standard and must make judgement calls about whether a practice or recommendation is in our client’s best interest.

WSC Group support the increasing professionalism of the financial advice industry in Australia. Standard 4 of the FASEA code requires advisers to act for a client “… only with the clients free, prior and informed consent. If required in the case of an existing client, consent should be obtained as soon as practicable after this Code commences”.

To ensure we comply with our obligations under this code, we will be seeking annual confirmation from our clients each year as you come up for the anniversary date of your service agreements that you wish to continue with the financial planning services that we provide.

WSC Group - Private Wealth Pty Ltd ACN 632 928 691 is an authorised representative #1275915 of Merit Wealth Pty Ltd ABN 89 125 557 002. General Advice Warning: This advice may not be suitable to you because contains general advice that has not been tailored to your personal circumstances. Please seek personal financial advice prior to acting on this information. Investment Performance: Past performance is not a reliable guide to future returns as future returns may differ from and be more or less volatile than past returns.