FASEA acknowledges loss of COO
The Financial Adviser Standards and Ethics Authority (FASEA) has not only witnessed the departure of two board members in the past six months but also that of its chief operating officer.
The authority has used a formal statement to confirm the resignation of board members Matthew Rowe and Catriona Lowe due to what it described as “legitimate change in each of their professional, fulltime roles and circumstances”.
The statement also noted the departure of only one member of the executive team since the appointed of chief executive, Stephen Glenfield in August 2018, without naming that person as the chief operating officer, Colin Christie.
There was no formal announcement about the exit of Christie last year but the FASEA website was recently updated to exclude him from the executive team, leaving just the CEO, Stephen Glenfield, the standards director, Amelia Constantinidis and the accreditation manager, Howard Cook.
FASEA’s formal statement also noted that two founding directors had left the organisation on the basis of having completed their terms – Michael O’Neill and Steve Somoygi who were replaced by Elissa Freeman and Louise Lakomy.
The statement said: “The FASEA executive team remains stable. One member of the team only has departed since the appointment of Mr Stephen Glenfield to the CEO position in August 2018”.
Recommended for you
The Reserve Bank of Australia (RBA) has lowered rates to a level not seen since mid-2023.
Financial Services Minister Stephen Jones has shared further details on the second tranche of the Delivering Better Financial Outcomes reforms including modernising best interests duty and reforming Statements of Advice.
The Federal Court has found a company director guilty of operating unregistered managed investment schemes and carrying on a financial services business without holding an AFSL.
The Governance Institute has said ASIC’s governance arrangements are no longer “fit for purpose” in a time when financial markets are quickly innovating and cyber crime becomes a threat.
