Hume calls for FASEA extension to return to business

Jane-Hume/Labor-Party/FASEA/LICs/treasury/conflicted-remuneration/Stephen-Jones/Josh-Frydenberg/

22 May 2020
| By Laura Dew |
image
image image
expand image

Senator Jane Hume has called on the Labor Party to enable the Financial Adviser Standards and Ethics Authority (FASEA) extension to return to business after a ruling yesterday on listed investment companies.  

The Treasury announced  the ban on conflicted remuneration to LICs  would be extended following a consultation which began in January.  

The discussion on LICs had been part of an omnibus bill which included the FASEA education extension.  

Responding to the news on Twitter, Hume, who is Assistant Minister for Superannuation, Financial Services and Financial Technology, said financial advisers needed certainty in these turbulent times. 

"Labor must now enable the Bill for FASEA education extension to return to non-controversial business, as it was listed before last Monday. At times like this people need advice and financial advisers need certainty. 

“Labor conflated two unrelated issues, using the FASEA Bill as a cynical political ploy at the expense of the industry and Australians who need essential financial advice.  

“[Shadow Minister for Financial Services] Stephen Jones, stop playing games and allow the Bill to pass as non-controversial business in the next sitting.” 

Jones later tweeted saying: “Abbott and Corman created a loophole that allowed commissions to be paid to flow shares in investment companies propped up by junk bonds. Mum and Dad investors lost millions of dollars. I’m pleased Josh Frydenberg has acted to close the loophole.” 

 

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

So we are now underwriting criminal scams?...

5 months ago

Glad to see the back of you Steve. You made financial more expensive, not more affordable as you claim, and presided ...

5 months ago

Completely agree Peter. The definition of 'significant change is circumstances relevant to the scope of the advice' is s...

7 months 1 week ago

The FSCP has issued a written direction to an adviser who charged clients “extraordinary fees” for inappropriate and conflicted advice, as well as encouraged them to swit...

1 week 5 days ago

ASIC has cancelled the AFSL of an advice firm associated with Shield and First Guardian collapses, and permanently banned its responsible manager. ...

3 weeks 1 day ago

ASIC has confirmed the industry funding levy for the 2024–25 financial year, and how much licensees can expect to pay....

2 days 16 hours ago

TOP PERFORMING FUNDS

ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
2
DomaCom DFS Mortgage
95.46 3 y p.a(%)
5