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The Minister for Revenue and Financial Services, Kelly O’Dwyer has reiterated that the Financial Adviser Standards and Ethics Authority (FASEA) is the product of planners having delivered persistently bad advice.
At the same time as confirming the release of the latest transition pathways guidance by FASEA, O’Dwyer repeated her assertion that planners needed to remember why FASEA had been necessary – “repeated instances of inappropriate or just plain bad advice has significantly eroded trust and confidence in the financial advice sector”.
“Every adviser has a role to play in rebuilding that trust, and these new educational requirements are a critical step towards professionalising the sector,” she said.
“Ultimately, the professionalisation of the advice sector will be in the best interests of all advisers, existing and new, because it will ensure enduring consumer trust and confidence in the financial advice sector.”
Comments
My query to O'Dwyer. It appears you are basing your reputation on FASEA fixing the issues. Are you sure the problems are related to lack of education, because I just don't see it???? For this to be true both the adviser and the entire compliance department all need to have the same lack of education, because advisers are actually part of a large structure and system.
Everyone is unfortunately judged on results and not intentions. Good luck and best wishs
I blame the FPA and CBA for FASEA.
I keep reading about rebuilding trust in the profession etc, aren't politicians among the least trusted people on the planet?
Personally, I also feel that all of the tinkering and political posturing that goes on within the Superannuation and Taxation framework has a much larger impact on trust and perception than a few rotten eggs within the industry who have mostly been found out and moved on.
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