AFA urges ALP to drop amendments and pass bill

13 May 2020
| By Mike |
image
image image
expand image

The Australian Labor Party (ALP) has reassured the Association of Financial Adviser (AFA) that it will be supporting legislation extending the Financial Adviser Standards and Ethics Authority (FASEA) exam timetable.

However, at the same time, the Federal Opposition has acknowledged it was to debate other amendments to the Government’s omnibus bill – something which will delay the FASEA exam extension perhaps well beyond May.

It is in these circumstances that the AFA has called on the ALP to put aside its amendments to allow the key FASEA extension legislation to pass.

In a message sent to members overnight, AFA chief executive, Phil Kewin said the Shadow Minister for Financial Services, Stephen Jones had made contact to explain the Federal Opposition’s position.

 “They have confirmed that they support the extensions as they have previously stated, which we acknowledge,” Kewin said. “However, the extension to the deadlines for the FASEA exam and education standard, is part of a broader Bill (Treasury Laws Amendment (2019 Measures No. 3), and the ALP intends to make an amendment to this Bill on an unrelated matter.”
 
“If the amendment is successful, then the bill will have to go back to the Lower House at another time. Alternatively, if the amendment is tabled and debated, there may not be sufficient time to pass the bill. Or given the very limited sitting opportunities for the Senate, the Government may not want to address legislation that is likely to result in an extended debate, and therefore the Government may choose not to table the Bill at all. Ultimately, either way, it would appear that the legislation is unlikely to be passed this week if the ALP seeks to introduce the unrelated amendment as proposed," he said.
 
“This is why we have called on the ALP to pass the bill without the unrelated amendment, which we believe can be dealt with either elsewhere or at another time."

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

So we are now underwriting criminal scams?...

4 months 3 weeks ago

Glad to see the back of you Steve. You made financial more expensive, not more affordable as you claim, and presided ...

5 months ago

Completely agree Peter. The definition of 'significant change is circumstances relevant to the scope of the advice' is s...

7 months ago

Commonwealth Bank has formally dropped to zero advisers following LGT Crestone’s acquisition of its advice arm – some six years on from the Hayne royal commission. ...

3 weeks 5 days ago

The FSCP has issued a written direction to an adviser who charged clients “extraordinary fees” for inappropriate and conflicted advice, as well as encouraged them to swit...

1 week 1 day ago

ASIC has cancelled the AFSL of an advice firm associated with Shield and First Guardian collapses, and permanently banned its responsible manager. ...

2 weeks 4 days ago

TOP PERFORMING FUNDS

ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
DomaCom DFS Mortgage
92.15 3 y p.a(%)
3