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”.
Comments
Just another example of the covert language and lack of transparency and disclosure around FASEA's operations. Which Code Standard(s) have been breached?
When will somebody save us from this disaster? Maybe if I pinch myself I will wake up from the nightmare.
Get rid of the lot of them and start again with consultation with the industry participants, namely the financial planners !
FASEA very much reminds me of the british tv series Fawlty Towers!
By allowing this failed organisation to continue, Jane Hume is sowing the seeds of the next 'fee-for-no-service' scandal. FASEA's documentation bans life insurance commissions and asset-based fees, yet the CEO is running around denying this. Every adviser I speak to is utterly confused and my licensee is like a deer in the headlights. This is a massive time-bomb, and when it goes off, thousands of small businesses will be affected, not the big institutions. God help us
this a mess senator HUME you must act to remove this failure of board and organisation AND START AGAIN !!!
If Jane Hume does not act, it will be rightly assumed she is in agreement with the method in which FASEA has acted and in agreement with the manner in which FASEA has conducted the process in relation to the formation of the Code of Ethics.
If this is to be the case, she will then be complicit in the resulting unworkable disruption and significant negative financial consequences the current Code of Ethics will have on small business and the consumer.
At present there appears to be very little leadership coming from this Liberal Govt other than Senator Amanda Stoker who has shown determination and grit to ask the hard questions and not just lie down under the truck.
Jane Hume must act on a basis of principle and to protect small business from the potential abuse of market power from large corporations who will yet again attempt to channel clients to a direct format of financial advice and cut the financial adviser away from current client relationships.
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