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.