Finally, Hume appoints another FASEA director
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.
Recommended for you
Sharing his reasoning in joining the FSC board, WT Financial chief executive, Keith Cullen, believes “product and advice cannot be separated” from each other in the current environment.
The Emerge Foundation, a charity run by financial advisers and fund managers, has announced a scholarship program to help veterans transition into tertiary education.
In an open letter, Sequoia chief executive Garry Crole has hit out against shareholders “with a personal axe to grind” as he fights for his job ahead of an EGM.
The JAWG has announced it is in talks with Treasury around five “core principles” to strengthen the education standards for new entrants to the financial advice space.