The Australian Securities and Investments Commission (ASIC) has tidied up a number of legislative and regulatory anomalies contained within the legislation covering the Financial Adviser Standards and Ethics Authority regime.
ASIC has accomplished the changes within a legislative instrument which the regulator said was intended to address unintended consequences to ensure the professional standards reforms applied as intended.
The instrument clarifies the status of people who are banned or otherwise prohibited from providing advice when the regulatory environment comes into effect, making clear that they will need to meet all the relevant education and training standards.
It similarly clarifies the situation with regard to advisers who take a break from the industry and their need to meet the education and training standards.
Importantly for licensees, the instrument also provides them with clarity and breathing space around the timing of appointing so-called “provision relevant providers”.
Comments
FASEA is a mess & should be overhauled immediately.
The unprecedented attack on financial planners which saw the introduction of FASEA in the first place should now be reviewed in the light of RC findings showing all too clearly that it was the major licensees who were greedy and guilty of not putting clients first, not the planner at the coal face just trying to do their best for clients within a deeply flawed system. As I have told bodies like FPA and AFA, I utterly resent being made to pay for the behaviour of the ones at the top of the financial industry tree. And by pay, I mean the outrageous PII premiums I have had to fork out since the GFC, now also the outrageous education requirements which will see so many people at my age and stage of life just quit the field. I pity the Australian financial consumer.
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