FASEA extension still subject to legislation
Advisers need to understand that legislation has yet to pass the Parliament extending the Financial Adviser Standards and Ethics Authority (FASEA) exam deadline, according to FASEA chief executive, Stephen Glenfield.
Addressing the Money Management Future of Wealth Management Conference in Sydney today, Glenfield said that while FASEA was aware of the Government’s announcement regarding extending the time-table, it was still obliged to operate under the original timetable.
“FASEA has no view on the extension, we are working to the currently legislated timetable,” he said.
Glenfield said that planners needed to understand that legislative amendments needed to pass both houses of the Parliament before the extension became law and should predicate their decisions on that fact.
Recommended for you
As the first quarter of 2024 comes to a close, Money Management looks back on the corporate regulator’s bans and AFSL cancellations in the financial advice sector.
Insignia Financial is holding ‘relatively steady’ onto its rank as Australia’s second-largest financial advice licensee after the Godfrey Pembroke exit but Count is hot on its heels.
Liberal senator Slade Brockman has said the government needs to have a “cold hard look” at the level of regulation in the financial advice space and the costs of running a business.
FAAA chief executive, Sarah Abood, has warned changes in the first tranche of the QAR legislation around advice fees documentation could create more work for advisers rather than less.