What are the new professional standards? The introduction of a range of education and ethical standards will require new and existing advisers giving financial advice on Tier 1 financial products (excludes general insurance, deposit products and personal sickness and accident) to retail clients to meet new requirements, including: Compulsory education requirements for both new and existing advisers; Supervision requirements for new advisers; A code of ethics for the industry; An exam that will represent a common benchmark across the industry; and An ongoing professional development component. Importantly, the standards relate to Tier 1 financial product personal advice. Tier 2 financial products and those giving general advice only on Tier 1 products are not covered by the new standards. Who is FASEA? The Financial Adviser Standards and Ethics Authority (FASEA) has been tasked with governing the conduct of professionals in the financial advice sector by establishing mandatory educational and training requirements, developing and setting an industry exam, as well as the formation of a code of ethics that all advisers will be required to adhere to.