FASEA exam extension until September 2022

Financial advisers who use the Financial Adviser Standards and Ethics Authority (FASEA) exam extension will have until 30 September, 2022, to pass the exam.

An announcement by Treasurer Josh Frydenberg and the Minister for Superannuation, Financial Services, and the Digital Economy, Jane Hume, said the Government had introduced the Financial Sector Reform (Hayne Royal Commission Response – Better Advice) Bill 2021.

It said the bill would give the minister the power to extend the cut-off date for certain existing financial advisers to pass the exam.

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“The Government will use the power to extend the cutoff date to 30 September, 2022, for advisers who have attempted the exam twice prior to 1 January 2022,” the announcement said.

However, the announcement did not include timings of FASEA exams in 2022.

It also said the bill would:

  • Expand the role of the Financial Services and Credit Panel within the Australian Securities and Investments Commission (ASIC) to operate as the single disciplinary body for financial advisers to ensure that less serious misconduct does not go unaddressed;
  • Create additional penalties and sanctions for financial advisers who have breached their obligations under the Corporations Act, reflecting that the current set of sanctions are limited to banning a financial adviser;
  • Introduce a new registration system for financial advisers to improve the accountability and transparency of the financial services sector; and
  • Transfer functions from FASEA to the Minister responsible for administering the Corporations Act and to ASIC to streamline the regulation of financial advisers.

“In line with the announcement made on 9 December, 2020, FASEA will be wound up and its standard making functions moved to be the responsibility of the Treasurer, supported by Treasury. ASIC will be responsible for administration of the adviser exam,” the announcement said.

“In addition, tax (financial) advisers will no longer be regulated by the Tax Practitioners Board but instead will be regulated only under the Corporations Act 2001. This is consistent with the recommendation made by the Tax Practitioners Board Review.”

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Goes to show that the gov't have realised their mistake but don't have the guts to unwind this joke they created that is FARSEA.

Jane Hume you are fucking disgrace!!!! Why is it that I busted my arse, jumping through your stupid FASEA driven hoops. Only to find out the deadline is not the deadline. Really, if advisers cant get this done as I have by now, they should not be in business. You are a flip flop, hopeless minister worse than O'Dwyre and that it saying something.

While you are at it though, instead of helping carry the can for advisers that cant get the job done, how about instead removing the ridiculous trustee advice fee requirements that require me to get yet another stupid statement signed by clients? How about extending opt-in to three years instead of annual renewal when the client can sack me any time they want any way? Why not crack down on the Dark Lords of ASIC who send endless dictates, one more confusing than the last, and then jack up the levy with no justification for doing so. Unlike incompetent senators that completely screw up entire professions, and only stand for election once every 6 years, I hve to stand for election every year thanks to your incompetence doing more compliance and signature chasing than I do advice. You are truly a disgrace.

How have advisers been put out by Covid?
The exams are all online now anyway!

Clearly not much on you plate - don't you worry yourself now, it is almost over anyway.

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