We acted on consultation feedback: FASEA

22 November 2018

The new chief executive of the Financial Adviser Standards and Ethics Authority (FASEA), Stephen Glenfield, today sought to reassure planners that the Authority had taken account of the extensive feedback it received in the consultation period of its various controversial reforms.

Speaking at the Financial Planning Association (FPA) Professionals Congress today, in a speech he described as “a time to speak to you, rather than just listen”, Glenfield said that he believed the controversial positions reached by FASEA were “balanced and workable”.

He reiterated the Authority’s line that it had considered much feedback in the consultation process. He pointed to clarification around recognition of prior learning, which many planners still express confusion over, and simplified pathways as evidence of this.

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Glenfield also said that the exam requirements released last week took into account consultation feedback, with the final exam now three-and-a-half hours, with resits available and open book as far as the statutory sections were concerned. FASEA would also publish curriculum information, recommended readings lists, and a practice exam following consultation.

Glenfield also reminded listeners that much of what FASEA was rolling out was legislatively mandated rather than just its own preference.

He also urged planners to consider all the information the Authority had released, as “taking a piecemeal approach could result in a skewed view” of what its reforms required and were intended to achieve.

Glenfield said that importantly, the reforms were in line with the best interests of the consumer but that he equally believed that the changes were achievable for existing financial advisers, pointing out that they were in line with what was required of other professional industries in Australia.

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What rubbish. I have a Masters Degree in FINANCIAL PLANNING that is now worthless thanks to their over-complicated and draconian rules. Apparently my degree is only approved, IF I completed every subject in a long list, which includes some which were optional and others which are commonly waived based on prior learning. So I suspect there will be hundreds, perhaps thousands like me, who already have extensive qualifications but will be forced to waste tens of thousands of dollars and hundreds of hours for ZERO benefit to consumers. FASEA is clearly going well beyond their mandate, it is obvious to all who look beyond their spin. One can only assume they are seeking to cause maximum damage to our profession; or perhaps this is a gift to the universities, to which most of the board appear to have strong links.

^ same, 'nuff said

Take it easy, they have to fund diversity studies somehow.

agreed worthless Masters, I have a worthless CFP too!

Wait and see how many advisers ditch the FPA at the next renewal. What a joke they are. Their idea of negotiation is to roll over and work out how to appease their major sponsors. After 20+ years of fees they have now shafted us. Disgraceful.

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