Those financial advisers who have not yet passed the Financial Adviser Standards and Ethics Authority (FASEA) exam have again been left with an element of uncertainty with the Senate passing the necessary omnibus bill, but only with an amendment which must now be addressed by the Government.
The amendment was made by South Australian cross-bencher, Rex Patrick relating to grandfathered proprietry companies with the Assistant Minister for Superannuation, Financial Services and Financial Technology, Senator Jane Hume suggesting the Government would deal with the issue separately.
Indicating her support for the FASEA exam extension elements, Hume dismissed efforts by the Greens to introduce other amendments to the legislation.
She argued that it was time to stop playing games and to deliver what had been promised to financial advisers.
