FASEA extension delay displays politicians' inability to put others first

UFAA/FASEA/covid-19/coronavirus/

19 May 2020
| By Jassmyn |
image
image image
expand image

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.”

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

So we are now underwriting criminal scams?...

4 months 3 weeks ago

Glad to see the back of you Steve. You made financial more expensive, not more affordable as you claim, and presided ...

5 months ago

Completely agree Peter. The definition of 'significant change is circumstances relevant to the scope of the advice' is s...

7 months ago

Commonwealth Bank has formally dropped to zero advisers following LGT Crestone’s acquisition of its advice arm – some six years on from the Hayne royal commission. ...

3 weeks 5 days ago

The FSCP has issued a written direction to an adviser who charged clients “extraordinary fees” for inappropriate and conflicted advice, as well as encouraged them to swit...

1 week 2 days ago

ASIC has cancelled the AFSL of an advice firm associated with Shield and First Guardian collapses, and permanently banned its responsible manager. ...

2 weeks 5 days ago

TOP PERFORMING FUNDS

ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
DomaCom DFS Mortgage
92.15 3 y p.a(%)
3