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 reference 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
Platform HUB24 has reported $100 billion funds under administration in its latest quarterly results, helped by a 90 per cent rise in platform net inflows.
Progressing digital advice and seeking breakeven in the advice division are part of AMP’s goals for the upcoming financial year as it approaches 1,000 financial advisers in its licensee.
The Rask Group, in partnership with InvestSMART’s new investment platform, has announced three ETF strategies, aimed at empowering financial advisers to create and manage their own ETF portfolios.
Research by Wealth Data has found exactly half the number of advisers who have worked at closed AFSLs in the current financial year remain on the ASIC FAR.
