The Government’s ability to deliver on the Financial Adviser Standards and Ethics Authority (FASEA) exam extension is again in question because of its status as part of an omnibus bill.
According to a national newspaper report, the latest question mark hanging over the bill is the result of an amendment being pursued by South Australian cross-bencher, Senator Rex Patrick, around grandfathered large proprietary companies.
Senator Patrick had previously signalled he was supportive of the legislation which would have extended the FASEA exam timetable but is reported to have stated he is just as committed to his amendment.
The further threat to the smooth passage of the omnibus bill comes after it was stalled in the Senate a month ago because of issues pursued by the Australian Labor Party.
At the time the legislation was last stalled, it was suggested that it was within the remit of the Government to ask the Australian Securities and Investments Commission (ASIC) to deliver class order relief to deliver the same outcome for advisers.
The Government managed to cover off its decision to not proceed with adviser code monitoring bodies via class order relief delivered by ASIC.
Comments
Another sign Jane Hume is not entirely on our side but is good with words, they are playing politics via the omnibus to get a raft of stuff through rather than focus on FP, it makes you wonder what else is in the omnibus they are trying to get through to the keeper otherwise they would carve our piece out or ASIC could grant the class order relief as stated.
I will pass your bill if agree to my bill....no conflict of interest there that i can see. Please children stop fighting and throwing sand in the sandpit, you are playing with peoples lives.
Financial Advisers are becoming very tired of becoming the play things of grandstanding MPs & Senators. There are real businesses & employees lives (& there families) at stake here. It is sickening.
Get some stones and separate this legislation out from other crap, hold FASEA to account and tell them to allow sittings every 30 days rather than 90 and while we are at it, let’s grill Longstaff as to how he thinks it’s ‘Ethical’ for him to be a director of FASEA and put his own book down as content to be studied for the exam.
Can I have Senator Rex Patrick's phone number please ?
There are a few things I need to say to him at this present time.
https://www.aph.gov.au/Senators_and_Members/Parliamentarian?MPID=144292
This is seriously a joke! How do these Senators not understand the critical timing issue of this Bill. Can they not seperate the Bill? More delays!!
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