Nearly three months after the resignation of CountPlus chief executive, Matthew Rowe from the board of the Financial Adviser Standards and Ethics Authority (FASEA) the Government has finally named a replacement – former NAB Wealth general manager, Will Hamilton.
Hamilton’s appointment will bring the FASEA board up to its full complement of directors and increasing the number of industry representatives to three – Hamilton, former AFA president, Deborah Kent and FPA stalwart, Louise Lakomy.
Announcing Hamilton’s appointment the Assistant Minister for Superannuation, Financial Services and Financial Technology, Jane Hume referenced his industry experience as the current managing director of Hamilton Wealth and his previous roles as head of private wealth management at Goldman Sachs JBWere, and managing director an chief executive of Deutsche Securities Asia in Hong Kong.
The appointment comes as a recent Money Management survey revealed a low level of adviser confidence in the board of FASEA with more than 90% of respondents suggesting that ministerial intervention was justified.
Adviser responses to the survey suggested that the consumer representatives on the board had become too influential with particular distrust around the formulation of the code of ethics.
Hume noted in her announcement of Hamilton’s appointment that he had been appointed by the former minister for Financial Services, Kelly O’Dwyer as the Commonwealth representative on the Professional Standards Council.
Comments
Perhaps this is the problem. Ministers and Treasury all think our advice practices are high net worth clients, and that we are all former investment bank alumni and have about 60 clients to manage, so where's the problem with the paperwork we're asking you to complete. But let's hope he can make a difference.
There are no consumer representatives on the FASEA Board. There are career activists from Choice and CALC, but unfortunately those organisations no longer represent consumers.
Yep, that should fix things !!
Nothing more than a political strategy to keep the peasants calm for a while and be seen to be doing something.
This is simply a stop gap measure to try and be seen to be shoring up the diversification on the board.
What about if Assistant Minister Jane Hume demands that Stephen Glenfield provides the answers to the questions he took on notice from Senator Amanda Stoker at the recent Senate hearings on Oct 23rd ?
What about if Assistant Minister Hume demands that all submissions to the FASEA Code of Ethics are made publicly available ?
What about if Assistant Minister Hume placed a hold on the implementation of the current code until such time as adequate analysis of the destructive impact of sections of the code could be adequately completed ?
What about the Assistant Minister Jane Hume actually did something to assist the incredible and unworkable impact the relentless facets of regulatory change are currently having on mental illness, stress and anxiety on advisers and small business owners and their viability across Australia ?
Isn't the Liberal Govt the party of small business (as Malcolm Turnbull repetitively used to state.) ?
The "engine room of the economy"....the "backbone of the nation" ??
What they were referring to is "other "small businesses.......not financial services.
The Liberal Party in general have been nothing but an abysmal and destructive force against small business in financial services.
There are the odd ones who have the courage to stick their head up and speak out such as Senator Amanda Stoker and Bert Van Manen, but other than that, it is a wall of silence and political preservation that drives most of the Liberal career politicians.
Josh Frydenberg is silent...never hear anything from him at all in regard to small business and financial services.
He is looking squarely at the big chair and doesn't want to rock the boat.
They don't care and never will.
Some sharp and good observations.
agreeing with you
Thanks for sharing
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