On 15 May ASIC released its Consultation Paper 300 Approval and oversight of compliance schemes for financial advisers (CP 300) outlining its proposed approach to approving and overseeing compliance schemes for financial advisers.

ASIC states that ASIC will require high standards for compliance schemes and that the compliance scheme framework is key to the successful operation of the proposed code of ethics.

Responses to CP 300 are due by 28 June.