Older financial advisers who have not yet completed the Financial Adviser Standards and Ethics Authority (FASEA) exam lead the way when it comes to questioning the motives of the FASEA board and the applicability of its code of ethics.
A Money Management survey has revealed that a significant proportion of those advisers who were most critical of FASEA were those with over 20 years in the industry, and who were unlikely to have sat the FASEA adviser examination at this stage.
However, amongst those advisers who had taken the FASEA exam, 94% reported that they had passed.
The age and experience of survey respondents would go some way towards explaining their frustrations with the FASEA regime, particularly recognition of prior learning and other elements.
The survey, which is now closed, has continued to reveal nearly 70% support for the objectives of the FASEA regime, but nearly 97% of respondents stating they have no confidence in the FASEA board.
The survey also revealed that over 90% of respondents believed the Assistant Minister for Superannuation, Financial Services and Financial Technology, Senator Jane Hume, would be justified in intervening with respect to the FASEA Board.