Parliamentary committee oversight canvassed for FASEA
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.
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.
Recommended for you
The new financial year has got off to a strong start in adviser gains, helped by new entrants, after heavy losses sustained in June.
Michael McCorry, chief investment officer at BlackRock Australia, has detailed how investors are reconsidering their 60/40 portfolios as macro uncertainty highlight the benefits of liquid alternatives.
Having reset its market focus to high-net-worth advisers, Praemium’s administration solution has been selected by Bell Potter in a deal that increases the platform's funds under administration by $6 billion.
High transition rates from financial advisers have helped Netwealth’s funds under administration rise by $3.7 billion in the fourth quarter of FY25.
