FASEA extension still subject to legislation



Advisers need to understand that legislation has yet to pass the Parliament extending the Financial Adviser Standards and Ethics Authority (FASEA) exam deadline, according to FASEA chief executive, Stephen Glenfield.
Addressing the Money Management Future of Wealth Management Conference in Sydney today, Glenfield said that while FASEA was aware of the Government’s announcement regarding extending the time-table, it was still obliged to operate under the original timetable.
“FASEA has no view on the extension, we are working to the currently legislated timetable,” he said.
Glenfield said that planners needed to understand that legislative amendments needed to pass both houses of the Parliament before the extension became law and should predicate their decisions on that fact.
Recommended for you
ASIC has issued infringement notices to two AFSLs over financial advisers providing personal advice while they were unregistered.
Australian retirees could increase their projected annual incomes by as much as 51 per cent through comprehensive financial advice, according to a Vanguard study, but cost continues to be an issue.
AMP has announced a senior appointment to its North leadership team, reinforcing the firm’s commitment to the advice industry.
Despite the financial adviser exam being rooted in ethics, two professional year advisers believe the lack of support and transparency from the regulator around the exam is unethical.