The chair of the problem-plagued Financial Adviser Standards and Ethics Authority (FASEA), Catherine Walter, will continue in her role in a part-time capacity.
Walter’s reappointment as part-time chair was confirmed today by the Minister for Superannuation, Financial Services and the Digital Economy, Senator Jane Hume.
Hume announced that Walter had been reappointed from 11 April, 2021, and as chairperson of FASEA would continue to work with the board consulting on and refining the Standards for Financial Advisers that remain under FASEA’s responsibility until the organisation is wound up.
The Government announced in December that the standard-making functions of FASEA would be moved into Treasury and the remaining elements of FASEA’s role, including administering the adviser examination, will be incorporated into the Financial Services and Credit Panel within the Australian Securities and Investment Commission.
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Oh to be a fly on the wall during that conversation;
Jane: "Look Cathy, can I call you you Cathy? Anyway, look pet. Basically, FASEA is f*ed. You and the board have done a sh*t job and the sooner its rolled into Treasury and ASIC, the better for me. Danielle has done a good job of pretending FASEA doesn't exist and the deferral of the disciplinary body means the industry is also ignoring the whole thing. But look love, we need to see it though till then and frankly, possum, no one else will go near it. So how about it? Its only a few more months and it's a part-time gig so you don't even really to do anything. Just get the management team to help with the transition, keep Stephen away from the media, we'll build the positive spin about the new structure and then you're out. Oh, and I'll shout you lunch. Whaddya say?
If Walter had a shred of decency she would resign along with the rest of the board. FASEA is an embarassing basket case, to the point where the government saw no other option but to wind it up. So what exactly will the board be doing for the next 10 weeks? Sounds like fees-for-no-service to me.
As a former Board Member of The NAB, Ms Walter should never, ever have been part of FASEA and certainly not renewed as Chair. Wasn't it the banks and their sales culture that brought our industry into disrepute?
Another DISGRACE under the watch of the Liberal government.
And why shouldn’t she be around to turn the lights off? Given the woeful failures achieved under her watch, surely Ms Walter is doing this pro-bono, im sure that’s what Mr Ethical Longstaff would say. If she’s stretched, she could ask her henchmen Rowe and Brimble to chip in.
Unethical Longstaff wouldn't say it. He'd include it in a textbook or training course then force you to buy it.
Can anyone recall Walters publicly saying anything to anybody during her tenure? She left Glenfield out to dry on Senate's Estimates and in dealing with other FARSEA failures. "Part-time". She wouldn't even make the definition of a "casual".
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