Standards & Guidance

FSC Standards

standards

FSC Standards

The FSC Standards framework supports high standards of professionalism, governance and consumer outcomes across Australia's financial services industry. Below you can access the FSC's current Standards, along with supporting resources including the FSC Standards Fact Sheet and FSC Guidance Notes. Historical references to repealed Standards are also available for archival purposes. Further information on the FSC’s standard setting processes can be found in the following Information Sheet:Information Sheet: FSC Standard setting procedure 

Standard Standard No. 1: Code of Ethics & Code of Conduct

The Code of Ethics and Code of Conduct promote integrity, professionalism and accountability across the financial services industry. The Standard outlines expectations for FSC Members and establishes the procedures and sanctions relating to compliance with FSC Standards.

Legal & Governance Aug 2025 View

Standard Standard No. 24: Life Insurance Approved Product List

This Standard promotes transparent and competitive life insurance Approved Product List (APL) construction practices, supporting adviser choice and access to appropriate products for clients. The Standard also outlines processes for considering off-APL recommendations.

Cross Industry Dec 2019 View

Standard Standard No. 27: Removal of Occupational Exclusions and Occupation-Based Restrictive Disability Definitions in Default Cover

This Standard removes occupational exclusions and restrictive disability definitions in default superannuation insurance cover to help ensure eligible members are not prevented from making valid claims due to their occupation. The Standard commenced on 10 December 2021 and took effect on 1 January 2023 following a transition period.

Superannuation Dec 2021 View

Standard Standard No. 28: Claims Handling for Superannuation Funds

(formerly Guidance Note 42)

This Standard establishes mandatory requirements for claims handling by superannuation trustees to support fair, consistent and efficient member outcomes. The Standard commenced on 1 January 2023 and took effect on 1 July 2023 following a transition period.

Superannuation Nov 2022 View

Standard Standard No. 29: Fraud & Scam Mitigation for Superannuation Funds

This Standard outlines fraud and scam mitigation measures for superannuation trustees, including governance controls and protections for high-risk transactions. The Standard commenced on 1 July 2024 and includes a 24-month transition period, with compliance effective from 1 July 2026.

Superannuation Aug 2025 View

Standard Standard No. 30: Private Markets Best Practice Principles

This Standard establishes mandatory governance, valuation, liquidity, leverage, conflicts management, credit risk, disclosure and transparency principles for FSC fund management and superannuation members. It applies to FSC Full members that manage, operate or exercise primary investment management, governance or risk management responsibilities within private markets.

Implementation of this Standard is assisted by FSC Guidance Note 57: Private Markets Best Practice Guidance.

The Standard commenced on 19 August 2026, giving members a period of transition before becoming effective on 1 July 2027. Earlier compliance is encouraged.

Cross Industry Aug 2026 View

Standard Standard No. 31: Wrap Superannuation Platform Trustee Investment and Adviser Governance Principles

This Standard promotes strong investment and adviser governance practices across superannuation platforms, enhancing consumer protections and providing greater consistency across the platform sector. It applies to FSC members operating wrap superannuation platform products. The Standard commences on 1 July 2026, with compliance required from 1 January 2027 following a six-month transition period.

Superannuation Apr 2026 View

Standard Repealed Standards

The FSC maintains references to repealed Standards for historical and archival purposes.

These Standards have generally been replaced by updated Guidance Notes, legislative reforms or industry frameworks. Repealed Standards include:

• Standard No. 2 — Equity Trusts
• Standard No. 3 — Investor Reporting
• Standard No. 4 — Ongoing Fee Measure
• Standard No. 5 — Operational Capability Standard
• Standard No. 6 — Product Performance: Calculation of Returns
• Standard No. 6B — Calculation of Returns: Super Investment Options
• Standard No. 7 — References to FSC Logo, Membership, Standards or Guidance Notes
• Standard No. 8 — Scheme Pricing
• Standard No. 8A — Crediting Rates
• Standard No. 9 — Valuation of Scheme Assets & Liabilities
• Standard No. 10 — Presentation of Past Performance Information & Visual Promotions
• Standard No. 11 — Moratorium on Genetic Tests in Life Insurance
• Standard No. 12 — ASIC Fee Template
• Standard No. 13 – Voting Policy, Voting Record and Disclosure
• Standard No. 14 — Alternative Forms of Remuneration in the Wealth Management Industry
• Standard No. 15 — Rebates & Related Payments
• Standard No. 16 — Family Medical History Policy
• Standard No. 17 — Errors in Pricing / Crediting Rates
• Standard No. 18 — Best Practice Guidance for Disclosure in the Mortgage Trust Sector
• Standard No. 19 — Adviser Fees in Superannuation
• Standard No. 20 — Superannuation Governance Policy
• Standard No. 21 – Mental Health Education Program & Training
• Standard No. 22 – Cultural Capability in Native Title Services
• Standard No. 23 – Principles of Internal Governance & Asset Stewardship
• Standard No. 25 – Life Insurance Industry Data Collection Policy
• Standard No. 26 – Consent for Accessing Health Information

Please reach out to the FSC Company Secretary, Kylie MacLaren at kmaclaren@fsc.org.au for further information.

Cross Industry

FSC Standards

Further information on the FSC’s standard setting processes can be found in the following Information Sheet.

FSC Compliance Processes