FASEA extension delay displays politicians' inability to put others first

19 May 2020

By stalling the Financial Adviser Standards and Ethics Authority (FASEA) exam extension, politicians are displaying their inability to put consumers and the wellbeing of the financial advisory sector ahead of political gamesmanship, according to United Financial Advisers Association (UFAA).

The UFAA’s chair, Alex Vagliveiello, said the failure to pass the extension reaffirmed the gulf that existed between politicians, their consultants, and advisers and the benefit they provided to consumers “many of whom are on struggle street” as a result of the COVID-19 pandemic.

“At a time when Australia needs bold and decisive action and a vision charting a return to economic wellbeing for the good of the people, federal parliamentarians are once again found wanting. They simply don’t care,” he said.

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He noted the pandemic had cause on of the greatest economic challenges and advice was now crucially needed by consumers, business owners, and individuals that had lost jobs.

“Politicians continue to ignore the fact that financial advisers are small to medium enterprises and are leaving the industry in unprecedent numbers.  This latest fiasco will not only accelerate the exodus, but in doing so, condemn their administrative staff and paraplanners to be added to the ranks of unemployed,” Vagliveiello said.

“It simply defies comprehension.”

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What defies comprehension, is the fact that 70% of advisers haven't already had a crack at the exam, despite 5 sittings. Let's get it done and move on. There are much more important issues at stake here. The code of ethics will give ASIC and the new disciplinary body the power to ban any adviser they want as it will be impossible for any adviser to adhere to the literal/legal interpretation of every standard, despite the nonsense espoused by CEO Glenfield

Jamberoo, you state "what defies comprehension" is that 70% of us have not bothered we ith the FASEA exam. But your next point you briefly outline some of the reason why advisers are getting out.
I will be surprised if 50% to 60% do the exam. Those remaining will largely be employed advisers and some of them are dead men walking they just dont yet know it.

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