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FASEA consultation process a ‘waste of time’

The Financial Adviser Standards and Ethics Authority (FASEA) has made virtually no change to its professional year standard, forcing industry bodies to question whether the entire consultation process was a waste of time.

Associate professor at Deakin Business School, Adrian Raftery, said the latest legislative instrument released by the Authority saw nothing more than a few definitions added, raising concerns for the legislative instruments to follow.

“It doesn’t look like anybody’s opinion has been taken on board,” he said. “I’m concerned that a similar lip service is going to be provided for the subsequent legislative instruments that are no doubt going to be tabled in the coming week.”

Raftery said there had been “significant whispers” in the industry that the Authority had already made up its mind, and were treating the consultation process like a “box-ticking exercise”.

He said he was fearful that industry bodies had simply wasted their time preparing submissions over the last few months.

“We’ve probably all wasted hundreds of hours reading the documentation, getting feedback from members and consolidating and summarising our positions,” he said. “It feels like it’s all been wasted time.”

Raftery said the secretive release of documents on FASEA’s website late on Friday nights was indicative of the avenue they would take, and that they had already made their mind up.

 

 




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Heading should read - FASEA A WASTE OF TIME.

No current adviser with 10+ years experience has anything to learn from this rubbish and an Ethics course does not make someone ethical.

I find it amazing that our polititians are trying to make us sit ethics courses when they routinely take bribes from business/unions and cheat on their wives with prostitutes.

Exactly. The impractical zealots controlling FASEA are not listening to anyone. They certainly aren't listening to Matthew Rowe and Deborah Kent the industry representatives on the FASEA Board. Rowe and Kent need to resign now. Their continued presence on the Board is allowing FASEA to pretend their process is consultative and inclusive. The government and the public needs to know FASEA is out of control. They are not acting in accordance with the spirit of the legislation, and ultimately not acting in the best interests of consumers.

Agreed, If Deb Kent and Matthew Rowe had any morals or ethics about them, they would walk away and blow the whistle on what is actually going on behind closed doors, Many thousands of advisers and support staff have their livelihood in the hands of FASEA, never mind the hundreds of thousands, if not millions of everyday Australians. This process is unlike anything that has ever happened to another industry.

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