Should advisers be part of FASEA consultation?

A number of financial advisers have expressed concern and disappointment that the Financial Adviser Standards and Ethics Authority (FASEA) code of ethics consultation this week has been restricted to industry groups and dealer group licensees.

The advisers, worried about the short time-frame between the consultation and 1 January, 2020, when the code of ethics becomes effective, had sought to become involved in the FASEA process but were told they would have to rely on their licensees.

However, they noted that self-licensed advisers had also been excluded from the consultation process.

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The adviser concerns about the narrowness of the consultation process have come on the back of the Association of Financial Advisers suggesting that the Government should delay implementation of the code of ethics until problems with it are appropriately resolved.

The AFA together with other industry representatives bodies, including the Financial Planning Association (FPA) entered into consultation with FASEA yesterday, with advice licensees scheduled to be part of the consultation today (Thursday).

Money Management understands that Wednesday’s consultation with planning groups including the FPA and AFA was attended by a number of FASEA board members and ministerial staffers.

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Of course they should and the transcripts from these consultations should be made publicly available so that actual people working in the business can understand what sort of skew or misinterpretations these people are making on our behalf. Perhaps journalists could use the Freedom of Information process.

Great idea!

Glad to hear that "ministerial staffers" attended the consultations. It has become clear that FASEA has gone rogue and diverged from the original intent of its enabling legislation. It has become a vehicle for conflicted course providers to enrich themselves and for ideological zealots to rewrite the law. The government needs to intervene quickly before it becomes a massive train wreck.

You are on the money.

Umm... FASEA, do you not realise that it is the AFSLs who are the most conflicted and caused most of the issues the profession is dealing with at present? What a disgrace.

FASEA needs to stop limiting their 'consultations' to corporate ladder climbers at the AFA, FPA, licensees and other groups with vested interests. It is time for FASEA to speak to practicing financial planners and consumers, and do some proper due diligence before proposing radical changes based on academic theory and ideology. Frankly I think the fact that FASEA hasn't already taken this approach, shows they are a broken organisation, driven by ideology, with no compassion or genuine care about the impact of their decisions on consumers or those of us who serve them.

Can Money Management make a Freedom of Information request for the consultation submissions as it is in the public interest?

Why don't you do it?

Take it from somebody who attended the consultations, the issues raised and arguments made were in everybody's best interest. FASEA and Senator Hume's staffer were made acutely aware of the impracticality of operating within, and implementing the Code with the current guidance for everybody in the profession.

did it fire up? Do you think the Senator will make changes? Did FASEA acknowledge the issues and think they needed review?

Did any board members go, so that they could face the music also?

Unspeakable that FASEA is happy to consult with the CEO of the FPA, a body that was questioned at the Royal Commission about his relationship with Sam Henderson and was later called out as not being capable of self regulating or being a code monitoring body because of this relationship and the handling of complaints. YET they don't want to consult with Financial Planners. The same body that gets payments from AMP FP, CBA. that is shocking.

I am sick of idiots that do not actually help people everyday making the decisions

The industry is a stinking quagmire full of egos and greed. Nothing has changed.

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