Roll FASEA functions into disciplinary body says FPA
The Financial Planning Association (FPA) has made formal to the Federal Government that it would like to see a combination of key functions from the Australian Securities and Investments Commission (ASIC), the Financial Adviser Standards and Ethics Authority (FASEA) and the Tax Practitioners Board (TPB) combined into the new single disciplinary body.
What is more, the FPA has called for priority to be given to establishing the single disciplinary body as it was “likely to be the quickest path to providing certainty over the application of the [financial adviser] Code”.
The FPA has made the call in an updated pre-Budget submission filed with the Federal Treasury this week.
It said that in creating the single disciplinary body the FPA strongly recommended that the Government “use it as an opportunity to reform the regulatory framework for financial advice”.
“In particular, the Government should combine key functions from ASIC, FASEA and the TPB into the new disciplinary body, thereby streamlining and focusing the oversight of financial advice,” the FPA submission said.
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