FSC Standards fact sheet pdf Fact sheet
STANDARD NO. 1
pdf CODE OF ETHICS & CODE OF CONDUCT (current)
The Code of Ethics and the Code of Conduct are designed to promote an investment and financial services industry of the highest integrity. The Codes recognise that the object of industry participants is to work to the highest standards of professionalism and generally meet and where possible exceed the public's expectations. The Code of Conduct sets out the procedure for Financial Services Council members to comply with Financial Services Council Standards and the sanctions applied to those members in breach.
pdf CODE OF ETHICS & CODE OF CONDUCT (effective to 30 June 2018)
STANDARD NO. 2
The main features of this Standard are: to indicate to
STANDARD NO. 3
INVESTOR REPORTING (REPEALED)
The Financial Services Council Board has repealed Financial Services Council Standard No 3 - Investor Reporting (retrospectively, effective from 1 July 2003). The Standard was repealed on the grounds that the Financial Services Reform Act ("FSRA") is prescriptive in the area of periodic reporting and confirmation of transactions.
STANDARD NO. 4
ONGOING FEE MEASURE (REPEALED)
This Standard was repealed in February 2004 and adopted as Guidance Note No. 18 and 19. (Also refer to Financial Services Council Circular dated Monday 16 May 2005). Guidance Note No. 18 and 19 were repealed when the Government Indirect Cost Ratio came into effect on 1 July 2006.
STANDARD NO. 5
OPERATIONAL CAPABILITY STANDARD (REPEALED)
FSC Standard 5 Operational Capability has been repealed effective from 1 July 2013, as the Standard has been superseded by numerous financial services law reforms and
STANDARD NO. 6
The main features of this Standard are to specify the principles adopted when calculating Total, Growth and Distribution Returns; enable proper assessment of Product returns when comparing Month-End returns, after fees and tax paid by the Product, with market indices and other Products (ie peer comparisons), ensure there is as much consistency as possible with the Australian Investment Performance Measurement and Presentation Standards and Global Investment Performance Standards.
Standard No. 6 Product Performance: Calculation of Returns (effective to 30 June 2019)
STANDARD NO. 6B
CALCULATION OF RETURNS: SUPER INVESTMENT OPTIONS (REPEALED)
This Standard was repealed by the Financial Services Council Board on 28th October 2010.
STANDARD NO. 7
STANDARD NO. 8
This Standard sets out the principles to be adopted in the calculation of Scheme
STANDARD NO. 8A
This Standard applies to FSC Members generally and in particular Members who are Operators of a Scheme using Crediting Rates.
STANDARD NO. 9
This Standard sets out the principles to be adopted in the valuation of Scheme assets and liabilities and
The latest version of this Standard incorporates changes to accommodate the introduction of FSC Standard 8A: Crediting Rates. For further information or to obtain a marked-up copy, please contact FSC Senior Counsel, David McGlynn, at (02) 9299 3022.
STANDARD NO. 10
PRESENTATION OF RETURNS INFORMATION: SUPER & NON-SUPER INVESTMENT (REPEALED)
This Standard has been repealed in accordance with the Board's decision to repeal Standard 6B: Calculation of Returns: Superannuation Investment Options.
STANDARD NO. 10
The main features of this Standard are: To specify standards to be adopted by a Financial Services Council member in the promotion of its Financial Products and Services; as well as provide guidance in the interpretation and application of those standards.
STANDARD NO. 11
STANDARD NO. 12
ASIC FEE TEMPLATE (REPEALED)
The Financial Services Council Board has repealed Financial Services Council Standard No. 12 - ASIC Fee Template in response to the Government introducing the Enhanced Fee Disclosure Measures (Corporations Amendment Regulations 2005) from 1 July 2005. The regime effectively removes the need for this Standard.
STANDARD NO. 13
The main purposes of Standard 13 Voting Policy, Voting Record and Disclosure are:
(a) in relation to Australian investments, to require the formulation of an Operator’s voting policy (including proxy voting) for each Scheme it operates;
(b) whether or not an Operator engages the services of a voting or proxy consultant in exercising its voting rights; and
(c) to require disclosure of the above matters and details of the exercise of such voting rights by the Operator (on an “entity and resolution level” basis) in respect of each financial year for each Scheme it operates.
(“Scheme” is defined in FSC Guidance Note 5 Industry Terms and Definitions, and includes REs of registered schemes and RSE licensees of superannuation funds).
STANDARD NO. 14
ALTERNATIVE FORMS OF REMUNERATION IN WEALTH MANAGEMENT INDUSTRY (REPEALED)
Standard 14 was withdrawn effective 30 June 2013 in light of the commencement of the Future of Financial Advice reforms on 1 July 2013.
STANDARD NO. 15
REBATES & RELATED PAYMENTS (“GUIDE”) (REPEALED)
Standard 15 was withdrawn effective 30 June 2013 in light of the commencement of the Future of Financial Advice reforms on 1 July 2013.
STANDARD NO. 16
The main features of this Standard are: The Family Medical History Policy to be adopted by a member in the operation of its life insurance business; and Guidance in the interpretation and application of those standards.
STANDARD NO. 17
This Standard sets minimum requirements for occasions when incorrect prices have been calculated and transacted upon and for determining when compensation is required that arises as a result of incorrect unit prices.
The latest version of this Standard incorporates changes to accommodate the introduction of FSC Standard 8A: Crediting Rates. For further information or to obtain a marked-up copy, please contact FSC Senior Counsel.
STANDARD NO. 18
This Standard was repealed effective 6 August 2017.
STANDARD NO. 19
ADVISER FEES IN SUPERANNUATION (REPEALED)
Standard 19 was withdrawn effective 30 June 2013 in light of the commencement of the Future of Financial Advice reforms on 1 July 2013.
STANDARD NO. 20
The purpose of Standard 20 Superannuation Governance Policy is to promote strong governance arrangements by trustees of superannuation entities. Standard 20 includes requirements for:
(a) the board of a superannuation RSE licensee to consist of a majority of independent directors and also have an independent chair;
(b) a prohibition on competing directorships (namely, acting as a director on
(c) ESG risk reporting disclosure for MySuper investment options;
(d) an RSE licensee board policy concerning
(e) disclosure of proxy voting records (the proxy voting requirement applies to both superannuation RSE licensees and responsible entities of registered managed investment schemes – also see FSC Standard 13 Voting Policy, Voting Record and Disclosure).
STANDARD NO. 21
The purpose of this Standard is to ensure individual representatives or entities authorised by a life insurer to provide information to consumers in respect of the management of
STANDARD NO. 22
The purpose of this Standard is to encourage good practice in the provision of tailored, culturally-appropriate financial services to assist Communities to achieve their goals and aspirations. In adhering to this Standard, FSC trustee members commit to working in partnership with Communities, recognising their diverse governance structures, cultural practices, and languages. This Standard is also intended to support trustees to build sustainable, respectful relationships with their clients, acknowledging that it makes good business sense to do so. Nothing in this Standard displaces FSC Members’ obligations under
STANDARD NO. 23
This Standard has been drafted to provide guidance to FSC Members who undertake the role of Asset Managers in setting and achieving best practice in fulfilling their fiduciary responsibility as custodians of one of the largest pools of managed funds in the world.
LIFE INSURANCE CODE OF PRACTICE
The purpose of the Code is to encourage good practice and high standards of service in the provision of life insurance.
To download the Code and other resources click here.
STANDARD NO. 24
The purpose of this Standard is to encourage high standards in life insurance Approved Product List (
STANDARD No. 25
This Standard comes into effect on the date of the third industry-led data collection. Until that point, guidance is provided through Guidance Note 36 Life Insurance Data Collection Policy.
This Standard applies to FSC Members who are registered as life insurers by APRA as defined in this Standard and/or have a subsidiary that is such a registered life insurance company. Its purpose is to encourage high standards in the collection of life insurance data, as outlined by APRA and the ASIC Claims Data Collection process.
STANDARD No. 26
The purpose of this Standard is to ensure that, when obtaining information from health practitioners about customers, FSC Members use a standardised consent wording, developed in agreement with the Royal Australian College of General Practitioners (RACGP), as well as a process to inform customers as to when this consent will be used.
This Standard comes into effect on 1 July 2019.