Another question-mark over FASEA exam extension
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.
Recommended for you
Sharing his reasoning in joining the FSC board, WT Financial chief executive, Keith Cullen, believes “product and advice cannot be separated” from each other in the current environment.
The Emerge Foundation, a charity run by financial advisers and fund managers, has announced a scholarship program to help veterans transition into tertiary education.
In an open letter, Sequoia chief executive Garry Crole has hit out against shareholders “with a personal axe to grind” as he fights for his job ahead of an EGM.
The JAWG has announced it is in talks with Treasury around five “core principles” to strengthen the education standards for new entrants to the financial advice space.