The Financial Adviser Standards and Ethics Authority (FASEA) exam extension legislation is again in limbo, with the Government having rejected acceptance of an amendment to the omnibus bill in the House of Representatives.
The amendment was imposed by South Australian Senate cross-bencher, Rex Patrick with the support of the Federal Opposition and the Greens on Friday but was rejected by the Government in the House of Representatives today
The Government’s rejection means that the FASEA exam extension remains in limbo.
The Federal Opposition argued for passage of the Patrick amendment in the House of Representatives pointing to the manner in which the Government’s rejection would impact financial planners.
One of the few remaining options for the Government in dealing with the FASEA exam extension is to request that the Australian Securities and Investments Commission deliver a class order exemption.
Comments
This is great news, for adviser to be professional they should be able to pass the exam they all were aware of the timeline and the exam is not hard and just reconfirms the laws advisers should know.
Your comments are insensitive. What about the poor single adviser practices that have to continue 'business as usual' while taking into account the new standards, legislative changes, maintaining their clients and studying for an exam. As an adviser myself, I have passed the exam, but think about others before you try and troll. Disgusting.
Three things are clear, 1 you are not an adviser, 2 you have not even sat the exam and 3 you are an online troll! If you have sat the exam, like I have done and others that are advisers, then you would know that the exam is not just an exam about "reconfirming the laws that advisers should know"! The bitter tone of your comment brings in question your character and demonstrates virtues that would not be consistent with that of a good adviser capable of complying with the code of ethics, or demonstrating any compassion or understanding to the individual situation or circumstances or your peers. If, by chance you are an adviser, then god help the advice sector as I certainly do not want to count bitter, rude and inconsiderate individuals as my peers, as you will simply detract from the ability for us to professionalise as a collective.
When Senator Hume announced in August 2019 that FASEA would be extended and the opposition agreed, it would be reasonable to expect it would. Throw COVID into the mix and yes it should go through
You simply just cannot believe the treatment of financial advisers in respect to this matter.
Irrespective of whether some advisers have sat and passed the exam or not is not the issue.
The issue is that in unprecedented times and circumstances and where both sides of Govt have indicated their intention and wish to grant the extension we have a stalemate over an unrelated matter.
Could anything seriously become more convoluted, unsettling, stressful and problematic at a worse time?
The manner in which Senator Patrick has hijacked the passing of the extension is deplorable.
And of course all they do now is blame the Govt for not passing the unrelated amendment as the reason why thousands and thousands of advisers will be left swinging yet again.
What a disgraceful set of circumstances.
the only thing consistent in the financial advice industry has been the shameful mistreatment of financial advisers.
so this is hardly a surprise to me.
I think politicians should have to pass a fasea exam before us after recent revelation of Labor in Victoria. The exam is a way the system could sting us again it has nothing to do with what we do everyday of the year that always includes our customers best interests.
Another pontificator
The noun form of pontificate is 'pontiff'.
"pontificator" is not actually a word.
You must be a Bank Executive, or spent too much time with BDMs, making up words like this.
Cal Naughton Jnr.( Talladega Nights) if that is your real name Thank you for the complement. Is that the best you have to offer? No, I'm not a bank executive. I am tired of people denigrating financial planners who are under due stress and cannot cope. But at the same time they should be given confidence in that they are capable of achieving anything. I'll give you a hint at who I am and what I do. I am a financial planner with almost 40 years operating my own practice. I work alone and prepare and write all my plans ROAS, SOAs etc. I am CFP have a DFP as well as having completed a Masters of Financial Planning at the age of 60. I have no plans to retire.. Let me correct you. To pontificate (a verb) is to express one's opinions in a pompous and dogmatic way. It is a " holier than thou" attitude that I cannot stand from individuals who think they are better than others. I don't make up words; I have a vocabulary which is a little more extensive than yours. I sat the exam which I thought was rubbish and I was confident that I had failed. Surprisingly, I passed. For those advisers who are freaking out; don't panic. Enrol and sit the exam. You may surprise yourself as well.
Not a chance in hell they will not extend. They will have too. Last I heard, only 30-40% of advisers have done it. Surely 50% don't intend on leaving the industry next year.
there is no way that it will be extended. advisers be jammed again
I got the bloody exam and degree requirements out of the way, I am now waiting for titty bars to open up so I can do motorboating
Couldn't agree more with Steve Jobs, Goodbye Advisor you are a selfish, self- centered moron with no idea of what is happening in the real world.
I find the comments from some advisers difficult to comprehend in the bloggs I read both here and elsewhere and angry that people who purport to call themselves ethical can go on a blogg like this and make commentary with no care or sensitivity. I am an adviser who is a single practitioner. I have staff and a paraplanner and have been in this industry for a very long time of over 25 years.
Today with family and a mortgage, all that I have worked for and slaved over is at risk. By the way in case you think I have no qualifications and seek to make that assertion, know that I am an accoountant and working towards a Masters in Financial Planning. But they say I need to do an exam. One that is shrouded in mystery without common sense and despite its so called values of Trustworthiness Honesty and Fairness has proven to be anything but. In fact its quite the opposite.
I have been to the depths of despair over this and have much anger and anguish as a result. I am seeking help but there are times I think of the insurance policy I have on my life and the security to my family such that I have thought of perhaps even the ultimate element of yes ending my own life. I feel trapped and don't know what to do. This job has been a career with many friendlships over the years. Those that came up with FASEA and its board and so called government ministers don't know my story, my pain and the fact that I am contemplating taking my own life as a result. So spare a thought with your comments. Spare a thought with your language. I thought that you would be a fellow professional and ethical. That is of course if you are not. You are then no better than the faceless heartless fools in Canbera and their minions at the FSC AFA FPA AIOFP. If you choose to join their ranks, you would perhaps convince me that my life and those of your fellow advisers are not worth it. Shame. Thought you as an adviser were ethical, honest fair and trustworthy. Am I wrong?
Just and adviser, feel free to reach out 0417742925, or make sure you call one of the help lines beyond blue lifeline
There are always options
Thank you for reaching out. Life is very dark for me. I see my staff and clients but i put on an act each day. The consummate professional as boss to my staff and the valuable adviser to my clients. I see my family and love them dearly but they don't know of my pain. They don't know of my despair. I put on an act to shield them from my reality. But i am in pain .its not physically obvious. Yet the pain is real. I am scared. Very scared, those that have created this reality for me, i ask you why? Are you proud of your achievements? To the FPA AFA AIOFP shame on you all. Your lack of support for me speaks loudly of where you stand. You have forsaken me. Foolishly i supported you. I wont say who. There is no difference so there i s no point outing you. Each of you are useless and pathetic.
I am at an awful point in my life. I am scared of my future as a result of being tormented for doing right by people. I see my family each night and i have no idea what tomorrow brings to me other than being tormented again by the prospect of financial destruction by those ministers regulators associations that have conspired to destroy honest advisers like me. I am scared. Very scared for myself and my family.
just an adviser, your not "just" an adviser. You are guiding light for your clients to give them comfort, you are a businessman who has has run a business for many years and your peers and friends respect you, you are father and husband who the support people who love you. No, you are so much more than"Just an Adviser". I feel every word you wrote and have been to that place and its horrible. I am not back from there but i am walking slowly in a better direction. My thoughts are with you. We all need to support each other.
Just an adviser, I've been there too and understand the feeling of being trapped. That was 2019 for me and I got to a pretty dark, lonely place. I spoke with a friend who is a Dr and he suggested walking 30 mins a day. I thought it wouldnt help but walking everyday with my wife gave me space to stop and connect and it made a huge difference. It sounds too simple, and it won't solve the red tape crap, but it's allowed me to sleep again and be more relaxed which has made the big issues smaller.
You're not trapped, you can do anything you want. I'm not convinced that after 20 years I'll still be advising in a few years. I've passed the exam and have a few subjects to do, but I've decided that rather than feel immense stress and pressure, I'd turn that to courage to lift my fees and create the business I want. Seriously, engage a coach and use this disruption to create the business you need to enjoy life. Do it for your family...that's what keeps me going. Take care.
Hang in there, you are certainly not walking alone here. Personally i would rather remain in financial planning with individuals such as yourself, rather than some of these other AHoles that write derogatory comments on these forums and in reality have bigger egos than their actual success in business!
If you need help call me. I am a psychologist with several years counselling experience, adviser 20 years of experience, AFSL holder and on the Board of the AIOFP. We are knocking ourselves out speaking directly with politicians and getting some sense out of them. my mobile is 0410 317 547 and if you need help call me. You don't need to suffer in silence and any assistance for you will be confidential of course. The current mess created by politicians is appalling and be assured we are doing what we can to help us all to manage as best we can.
I sat the exam today. 1. The people writing the exam need to go back to school. Written poorly, vague and very ambiguous. 2. Nothing in this exam is going to make me a better adviser. What I do, I do well. 3. The majority of the questions are scenario based which isn’t an issue but vague questions and at times I had to read the questions and answers twice to make sense of what they were asking for. I can honestly say I don’t know if I passed or failed. To then have to wait at least 6weeks to get a result is even worse. The advisers out there are all doing what is right for clients. Although some of the comments on here from other advisers make me question the type of people they are. Good luck to all advisers who have sat or are yet to sit the exam.
I did the exam on Tuesday 16th. I too am experienced, over 20 years, accounting degree, DFP, CFP. I spent ten years plus at uni part time I'm my 20's whilst mates were going to Bali and clubs, to get it all out of the way. Of course, I do my CPD each year and put up with change for the sake of change. The exam and the process was an insult to me and every adviser in my situation. I am an expert, a professional and have experience, more then the academics who will assess my exam. The exam contained case studies in areas not even in Fasea's own course guidance, and contained questions designed with trickery and language to intentionally catch you out. The issue is an experienced adviser like myself could see through all that and see what they are fishing for but also identify other matters the question information didn't address therefore enabling you to only answer making many assumptions. I know of no other occupation that you have to go through this after twenty odd years helping Australians, not to achieve any designation or further qualification, but in my case just to keep working and running the business I paid almost $600k for. The industry is a joke, as are the industry bodies. The FPA is already touting systematic changes to licensing and to the system whilst the majority of advisers have not yet completed the exam for this new code that came into effect on Jan 1, that we still don't have a monitoring body for. It's all a joke, we just take it and pay and watch our colleagues fall apart and disappear. I will be more than happy to see the back of the industry when the time comes.
I would like to see all the advisers that make comment actually use their names, that's called Integrity if you believe in what you say! and looking at the comments above and the pain in some of the responses that we all feel I am disappointed to think the I AM SO Good comments from the Oh ive been in the business for 40 years crap is by a real person. Be proud and state your name if you have any decency and belief in what you write.
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