Hume delivers on FASEA extension

30 August 2019
| By Mike |
image
image image
expand image

The Federal Government has delivered on granting financial advisers more time to meet the Financial Adviser Standards and Ethics Authority (FASEA) requirements.

After failing to make the announcement at this week’s Association of Financial Advisers (AFA) conference in Adelaide, the Minister for Superannuation, Financial Services and Financial Services Technology, Senator Jane Hume, made the announcement late this afternoon (Friday).

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.

Hume’s statement noted that currently the exam is only available in capital cities, and will not be available in regional areas until September 2019 and that the extension of the exam would ensure that all advisers, including rural and regional advisers, would have two years to sit the exam, as originally intended. 

“The extension of the qualification requirements will assist working parents, including those taking parental leave during the transition period, to have sufficient time to meet the requirements, maintaining a diverse adviser industry,” she said.

“Ultimately, strengthening the financial adviser sector will benefit all Australians, as they will be able to access better quality advice that is affordable and helps them make good financial decisions.”

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

So we are now underwriting criminal scams?...

4 months 3 weeks ago

Glad to see the back of you Steve. You made financial more expensive, not more affordable as you claim, and presided ...

5 months ago

Completely agree Peter. The definition of 'significant change is circumstances relevant to the scope of the advice' is s...

7 months ago

Commonwealth Bank has formally dropped to zero advisers following LGT Crestone’s acquisition of its advice arm – some six years on from the Hayne royal commission. ...

3 weeks 5 days ago

The FSCP has issued a written direction to an adviser who charged clients “extraordinary fees” for inappropriate and conflicted advice, as well as encouraged them to swit...

1 week 1 day ago

ASIC has cancelled the AFSL of an advice firm associated with Shield and First Guardian collapses, and permanently banned its responsible manager. ...

2 weeks 4 days ago

TOP PERFORMING FUNDS

ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
DomaCom DFS Mortgage
92.15 3 y p.a(%)
3