Parliamentary committee oversight canvassed for FASEA

30 June 2020

The chairman of a key Parliamentary Committee has suggested that the Financial Adviser Standards and Ethics Authority (FASEA) should be subject to oversight by a Parliamentary Committee.

The chairman of the House of Representatives Standing Committee on Economics, Tim Wilson asked the FASEA chief executive, Stephen Glenfield whether the authority was answerable to any Parliamentary Committee.

Glenfield answered that FASEA had appeared before Senate Estimates, with Wilson responding that that was very different to being subject to the oversight of a specific committee.

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Wilson asked Glenfield whether he had any objection to FASEA being oversighted by a parliamentary committee and answered that he would have no objection.

Wilson had earlier told Glenfield that he had received many complaints about FASEA and questioned whether the authority amounted to “a regulator running amok”.

Glenfield defended the performance of FASEA and reinforced that it had been led by the legislation which governed its operations.

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Mr Glenfield loves using the Nuremberg Defense an awful lot doesn't he.......His constant rationalisations to mask the opaqueness, conflicts and incompetence within FASEA are simply laughable.

Well done Tim Wilson! He should replace the ineffectual Hume in her job.

If FASEA were to be honest to the principle of Ethical Conduct, they would release all submissions to their education & professional standards, as well as release details of the arrangement with ACER with respect to the payment arrangements. Surely it doesn't cost $595pp to design & deliver the FASEA exam, especially during COVID-19 where there are no venue hire costs. As for the remote proctoring, this is outsourced overseas to some basic wage persons, based either in the Philippines or the US, judging by the feedback from various forums. Someone is making a lot of money out of this exercise.

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