FASEA exam extension legislation hits another snag
The minister last week signalled to a Financial Planning Association (FPA) forum that the long-awaited legislation extending the Financial Adviser Standards and Ethics Authority (FASEA) exam timetable would pass the Parliament this week but that guarantee no longer exists.
Both the FPA and the Association of Financial Advisers (AFA) are bracing for the passage of the legislation to be further delayed because the FASEA extension, while generally supported by both the Government and the Labor Opposition, is not a stand-alone piece of legislation.
AFA chief executive, Phil Kewin said that because the necessary legislation was part of an omnibus bill which also included arrangements around listed investment companies (LICs) it was likely to be the subject of debate around Labor amendments.
Those same amendments had been pursued by the Opposition when the bill passed the House of Representatives and it had been signalled they would be pursued when the legislation was up for debate in the Senate this week.
It is a matter for the Government whether the legislation remains on the Senate notice paper for this week or is deferred to a later date but there is an expectation that a further deferral will occur.
Recommended for you
Proposed legislative changes to safe harbour duty could result in advisers having reduced professional indemnity costs, a joint submission by seven major licensees said.
With 66 per cent of newly established advice licensees being sole advisers, what are the risks and legal ramifications to consider when taking the plunge into self-licensing?
Despite its popularity, only 1 per cent of financial advisers say they have often discussed cryptocurrency with clients, CoreData said, fuelled by concerns of heavy legal expenses if the product goes wrong.
AFCA and the CSLR have signed a memorandum of understanding as to how they will support an efficient financial services sector via the scheme.
