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Sanders will become the inaugural CEO on 18 September and will lead the establishment of mandatory educational and training requirements, developing and setting an industry exam, and creating a Code of Ethics to which advisers will be required to adhere.

“I am excited to lead FASEA, and am honoured to have been selected to help guide the organisation through the historic opportunity to improve public confidence and trust in the financial advice sector,” Sanders said.

Announcing the appointment, FASEA chair, Catherine Walter said Sanders brought a deep understanding of existing educational and training standards of financial advisers.

“Critically, his practical understanding of the sector and its unique dynamics will help guide a renewed approach to improving standards, alongside a clear focus on mandatory ethical requirements to improve public trust and confidence,” Walter said.

Sanders is currently CEO (assistant commissioner) of the Professional Standards Authority of Australia and has more than 16 years of experience working in financial professional standards and training including as national director at the National Finance Industry Training Advisory Body, and chief professional officer at the Financial Planning Association of Australia.

The Minister for Revenue and Financial Services, Kelly O’Dwyer, welcomed the appointment and said: “FASEA will play an important role in giving life to the Government’s reforms to raise standards in the financial advice industry. These reforms will professionalise the industry and deliver improved outcomes for consumers”.