FASEA urged not to rush to implementation deadline

Work remains to be done to ensure recognition of existing advisers’ prior learning, according to the SMSF Association chief executive, John Maroney.

Responding the released by the Financial Adviser Standards and Ethics Authority (FASEA) revised blueprint, Maroney said that while it was evident the authority had listened to industry feedback, further consultation was needed.

“This latest publication illustrates that FASEA had listened to industry feedback by improving clarity around the code of ethics, reducing its CPD requirements to more realistic levels and clarifying some elements of its education standards for existing advisers,” he said. “This has definitely allayed some of the concerns we had expressed to FASEA in our submissions.”

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“But the Association still has strong concerns about how the education and ethical standards will be implemented for existing advisers to ensure appropriate transition to the new education standards. In particular, we have concerns regarding how the standards accommodate limited licence advisers.”

“In our opinion, it means the upcoming consultation period on the draft legislation will be crucial to ensure that FASEA implements its standards in a way that is fair to existing advisers with regards to their prior learning and education,” Maroney said. “It’s important FASEA gets this right, both for advisers and their clients. The Association therefore urges FASEA to take as much time as required to ensure the detail of the legislative instruments achieves the right outcome instead of having a rushed consultation to meet the proposed 1 January 2019 deadline.”

Maroney said the SMSF Association would consult with its members on the final details of the keenly awaited legislative instruments and provide FASEA with submissions accordingly.

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