Hume and Financial Services elevated to Cabinet

For the first time in a number of years the financial services portfolio has been brought within the Cabinet following the elevation of Senator Jane Hume.

The Government’s Cabinet reshuffle has seen Hume elevated to the Cabinet room as Minister for Superannuation, Financial Services and the Digital Economy. The upgrade has seen her assume responsibility of the broader digital economy portfolio to compliment her existing financial technology, superannuation and financial services portfolios.

Hume’s elevation has been welcomed by the Financial Planning Association (FPA) with the organisation’s chief executive, Dante De Gori noting that the minister had worked closely with the FPA over the past year and achieved a number of positive results for the profession.

He said these positive results included working with the FPA to support consumers affected by the bushfires, providing regulatory relief to financial planners to assist Australian’s through the COVID-19 pandemic, passing of legislation to extend the time for financial planners to complete the Financial Adviser Standards and Ethics Authority (FASEA) exam and study requirements and the announcement of FASEA being wound down and dividing its role between Treasury and ASIC’s Financial Services and Credit Panel (FSCP) to become a single disciplinary body for the profession.

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Great initiative for a great minister.

Let's hope this enables Hume to actually do something useful, instead of just talking.

When she announced the wind up of FASEA she said it was a reduction in the regulatory burden for financial advisers. She said it delivered on Hayne's recommendation for a single disciplinary body. Those are lies. It has done no such thing.

There was no change to the unworkable FASEA Standards. There was no revision to FASEA's education policies which force advisers to repeat some of their education, generating personal profit for some FASEA Board members. There was no net reduction in the number of regulatory agencies.

Only once FASEA's Standards and education policies are fixed, and financial advisers are removed from the scope of TPB/AFCA/Austrac and the non FSCP part of ASIC, could she possibly claim she has made meaningful improvements to consumers' ability to access affordable, professional advice.

No more excuses Jane. Get on with it!

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