FASEA extension delay displays politicians' inability to put others first
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.
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.”
Recommended for you
Unregistered managed investment scheme operator Chris Marco has been sentenced after being found guilty of 43 fraud charges, receiving the highest sentence imposed by an Australian court regarding an ASIC criminal investigation.
ASIC has cancelled the AFSL of Sydney-based Arrumar Private after it failed to comply with the conditions of its licence.
Two investment advisory research houses have announced a merger to form a combined entity under the name Delta Portfolios.
The top five licensees are demonstrating a “strong recovery” from losses in the first half of the year, and the gap is narrowing between their respective adviser numbers.
