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QUT improving ethical standards through education

Office scene with financial planning group

A return to study has become a reality for stockbrokers and financial advisors across Australia in response to the requirements set by the Financial Adviser Standards and Ethics Authority (FASEA).

In a bid to build ethical standards through education, the FASEA Code of Ethics has been developed to introduce ethical standards that go above existing legal requirements and encourage higher standards of behaviour and professionalism in the financial services industry.

Morgans has taken the opportunity to partner with QUTeX to design and deliver a customised  version of FASEA’s mandatory ethics bridging course. Morgan’s Executive Brian Sheahan commented,

“Morgans values the importance of ethical financial advice for consumers. We wanted to make the most out of the Government’s financial services reforms and frame it as an opportunity for our advisers to enhance their knowledge. QUT has helped us to do that in a way that is relevant to the business, our advisers and our clients.

In relation to their partnership with QUTeX, Sheahan commented that the result of the collaboration was a, practical response to the requirements, with underlying academic integrity.

Morgans Executive, Brian Sheahan
Morgans Executive Chairman, Brian Sheahan

Placing the client’s needs at the centre was central to the development of the Morgans’ bespoke program. We wanted to deliver the course while also providing an opportunity for meaningful contextualisation.” he concluded.

The introduction of a Code of Ethics by The Financial Adviser Standards and Ethics Authority (FASEA), on 1 January 2020 reinforced the importance of ethics in the financial planning and advisory services industry. The code, which is enforceable by law, requires advisors to comply with its 12 standards which address five core values: trustworthiness, competence, honesty, fairness and diligence.

QUT’s partnership with the Stockbrokers and Financial Advisors Association (SAFAA), prompted an endorsement from Senator the Hon Jane Hume, Assistant Minister for Superannuation, Financial Services and Financial Technology:

Senator the Hon Jane Hume, Assistant Minister for Superannuation, Financial Services and Financial Technology
Sen the Hon Jane Hume

As part of its plan for a stronger economy, the Morrison Government is committed to restoring trust and confidence in Australia’s financial system. A key part of this is raising the education, training, and ethical standards of financial advisors. Particularly in uncertain times like these, access to quality and professional financial advice is so important.”

 

View Senator Hume’s statement here:

Judith Fox, CEO of SAFAA
Judith Fox, CEO of SAFAA

As the peak body for stockbrokers and financial advisers, we value the importance of ethics to the provision of financial advice. QUT’s tailored bridging course has ensured that SAFAA members meet their FASEA compliance obligations while also engaging in education which is relevant to their jobs and meaningful to their clients.”
Judith Fox, CEO of SAFAA

QUT’s Ethics and Professional Relationships bridging course has been designed to help advisors comply with the FASEA ethics education requirements. The 12-week, course is fully supported and includes online directed learning through online webinars and builds a pathway for future learning, depending on the participant’s needs.

Participants will benefit from the delivery of an intensive and rich learning experience by QUT’s qualified and industry experienced facilitators. The course will help individuals and participating teams develop their knowledge, satisfy FASEA’s education requirements and build networks and connections with their colleagues.

To learn more about QUT’s Ethics Bridging Course – Ethics and Professional Relationships, download a course brochure or contact Jamie Forster, QUTeX Partnership Manager: Jamie.forster@qut.edu.au, 07 3138 9181.

 

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Catherine is a Corporate Educator for QUT, teaching subjects in MBA and public sector management. She has a strong expertise in communication with a focus on its application for business technology. Her PhD research is on the role trust plays in artificial intelligence for ASX listed companies. Her aim is help ASX companies understand the requisite trust factors online when considering the application of artificial intelligence.

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