The Financial Planning Association (FPA) and the Association of Financial Advisers (AFA) has shared the plaudits for having successfully lobbied the Government for an extension of the Financial Adviser Standards and Ethics Authority (FASEA) exam timetable.
In what represented a significant united approach to a key issue for the financial advice sector, the two organisations coordinated efforts to achieve the extension, with AFA chief executive, Phil Kewin, specifically referring to the collaborative effort.
The successful joint lobbying effort came ahead of the FPA and AFA being part of the consortium of advice organisations which last month formally lodged an application with the Australian Securities and Investments Commission (ASIC) to constitute a FASEA code-monitoring body.
“This was the collaborative effort where, in conjunction with Dante De Gori and FPA Australia, and our respective members who actively engaged their local politicians, we achieved a great outcome for all advisers, their clients and the many Australians who need and deserve financial advice. One message, many voices - that’s united,” Kewin said.
FPA chief executive, Dante De Gori, expressed similar views about the benefits of the two major planning organisations acting collaboratively.
“We’re pleased that Minister Hume has listened to the feedback from our members and been willing to work with the FPA and AFA jointly to deliver a better outcome for all financial planners and their clients,” he said.
The Assistant Minister for Superannuation, Financial Services and Financial Services Technology, Senator Jane Hume had been expected to make the announcement during last week’s AFA conference in Adelaide but ultimately did so late on Friday afternoon.
She announced that, under the new requirements, advisers who were registered on the Financial Adviser Register on 1 January 2019 must:
• complete the FASEA-approved exam by 1 January 2022 (one additional year); and
• meet FASEA’s qualification requirements by 1 January 2026 (two additional years). These changes will not apply to new advisers registered after 1 January 2019.
Senator Hume’s announcement was welcomed by a wide cross-section of the financial services industry including the Financial Services Council (FSC) which said it represented a sensible tweak to the reforms and one which would alleviate pressure on the advice industry.