From 1 January 2020, an individual who is authorised to give personal advice to retail clients on relevant financial products (financial adviser) must:
- comply with a code of ethics (code); and
- be covered by a scheme under which their compliance with the code will be monitored and enforced (compliance scheme).
Compliance with the code will be monitored and enforced by monitoring bodies in accordance with compliance schemes approved by ASIC.
This guide sets out our approach to the approval and oversight of a monitoring body's compliance scheme and how we expect a scheme to operate on an ongoing basis.