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.
Recommended for you
Sharing his reasoning in joining the FSC board, WT Financial chief executive, Keith Cullen, believes “product and advice cannot be separated” from each other in the current environment.
The Emerge Foundation, a charity run by financial advisers and fund managers, has announced a scholarship program to help veterans transition into tertiary education.
In an open letter, Sequoia chief executive Garry Crole has hit out against shareholders “with a personal axe to grind” as he fights for his job ahead of an EGM.
The JAWG has announced it is in talks with Treasury around five “core principles” to strengthen the education standards for new entrants to the financial advice space.
