FASEA still on notice to explain code of ethics consultation
The Financial Adviser Standards and Ethics Authority (FASEA) is again on notice to explain to Senate Estimates how it went about the consultation process around the development of the financial adviser code of ethics.
Cross-bench South Australian Senator, Rex Patrick placed key questions to FASEA on the Senate notice paper which, as yet, remain unanswered by the authority.
Patrick has asked FASEA which stakeholders were engaged in the consultation period around the development of the code of ethics, whether the consultation was conducted by “survey, by some sort of town hall meeting-and, indeed, from which entities you received submissions” and the timelines.
“Could you maybe lay out the actual internal process that FASEA went through in terms of who was involved in that final determination and how they took input from consultation and acted on it,” the Senator asked.
The questions on notice to FASEA are among a raft of questions asked during the March Senate Estimates hearings, none of which have yet been answered by any of the Government departments and agencies involved.
Recommended for you
Australia’s largest licensee has seen the biggest number of adviser losses over the past week, while the expected wave of new entrants has boosted overall adviser numbers.
Iress has increased its forecast adjusted EBITDA by $5 million for the 2023/24 financial year in light of the sale of its platform business to Praemium and hinted at a return to dividend payments.
With just 30 per cent of Australians knowing their superannuation balance to the nearest $1,000, Findex has emphasised the role of financial advice in addressing the critical super knowledge gap.
New Insignia Financial CEO Scott Hartley has detailed the impact of the Godfrey Pembroke exit and the progress in resetting its financial advice model on its latest quarterly results.