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The current FASEA Board of Directors includes 3 individuals with prior appointments with CHOICE, Consumer Action Law Center and Consumer Federation of Australia.
A retired Director had significant experience with consumer protection with the Trade Practices Commission.
There is valid speculation that ASIC had direct involvement with FASEA in respect to the highly controversial
re-wording of the Code of Ethics, Standard 3.
Did ASIC engage CHOICE to participate in the submission of recommendations for the alteration of Standard 3 ?
Did CHOICE engage with FASEA in submitting information in regard to the revised wording of Standard 3 ?
During the Life Insurance Framework negotiations both the Consumer Action Law Centre and CHOICE repeatedly and aggressively called for the total banning of Life Insurance commissions.
We now have 3 FASEA Directors with a strong background from these very organisations.
If anyone does not believe there is a conflict of interest within the FASEA Board they are conflicted themselves.
Stephen Glenfield must answer whether CHOICE and ASIC were both involved in submissions regarding the revised wording of Standard 3.