Will Hume give good news on FASEA timetable?

Ahead of key address to the Association of Financial Advisers (AFA) annual conference in Adelaide today, the Assistant Minister for Superannuation, Financial Services and Financial Services Technology, Senator Jane Hume, has signalled sympathy for advisers seeking to meet the Financial Adviser Standards and Ethics Authority requirements.

Both the AFA and the Financial Planning Association (FPA) have sought an extension to the timeframes around advisers meeting their FASEA requirements to accord with the two years originally promised by the former Minister, Kelly O’Dwyer.

Lobbying efforts in Canberra over the past two months have led some to suggest that Hume may use her speech to the AFA in Adelaide today to announce some form of extension to the FASEA time-frames.

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Yesterday, in a speech to the Financial Services Council, Hume said the Government recognised that many advisers needed to balance work, study and family commitments.

“The Government is listening to your concerns and is carefully considering how to proceed,” she said.

Any move by the Government to alter the time-frames would require amendments to the legislation underlying FASEA – something which would need to be navigated through both houses of the Parliament.




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Interesting story on the Today show this morning, saying that Naplan test results show a decline in literacy and that the university training teachers receive is not equipping them to provide the necessary skills to children to increase literacy.
I wonder when/if the regulators will realise that experience is paramount, and that passing exams and getting degrees does not create a trusted advisor. Good morals, caring for the client, acting in their best interest with the knowledge and life experience to make appropriate recommendations; possessing the interpersonal skills to mentor and keep them on track... these things are not learnt in universities.

They won't do anything because they don't care, there isn't any positive headlines or votes in common sense. Consider this, the current 2 year period was delayed six month before the exam was even created. Further once you do the exam you have to wait a minimum of six weeks for it to be assessed, pretty incompetent for a exam made up mostly of multiple choice questions. So that means you really have to do the exam by September 2020 by the latest to give you some chance to ensure you get your result back in time before the deadline closes. What a joke, and for no benefit to clients whatsoever.

16 Financial Planner suicides this year should show her what the pressure is doing to individuals and families.
There is blood on the hands of Kelly O'Dwyer, the FSC and even ASIC and our industry bodies.
Jane Hume has a chance to do something right here and if she doesn't is just as culpable

16 Financial Planner suicides this year should show her what the pressure is doing to individuals and families.
There is blood on the hands of Kelly O'Dwyer, the FSC and even ASIC and our industry bodies.
Jane Hume has a chance to do something right here and if she doesn't is just as culpable

I've passed the FASEA exam and I don't see any downside in extending the deadline by at least six months. The timeframe was delayed and there are still only basic prep materials for anyone who really needs them. I know there are alot of advisers very worried about this exam given consequences of not passing

Senator Hume’s AFA Conference speech was a non-event. She essentially did a rehash if the Royal Commission outcomes & summarised Frydenberg’s recent announcement. She spoke well, but lacked anything new of substance.

As suspected. "We're listening" is slimy politician speak for "we're not acting".

Hume has had plenty of time to clean up at least some of O'Dwyer's mess. She has done nothing. Let's hope she quickly gets edged out like her incompetent predecessor, and they find a minister prepared to do what's best for consumers. Clunky over regulation harms consumers even more than under regulation.

Senator Hume spoke at 2.30pm till 3pm today looking at the conference agenda. What was the outcome?
Will there be any extension to exam or further study or just more of the we sympathise with you but stiff S**t talk?

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