Another question-mark over FASEA exam extension
The Government’s ability to deliver on the Financial Adviser Standards and Ethics Authority (FASEA) exam extension is again in question because of its status as part of an omnibus bill.
According to a national newspaper report, the latest question mark hanging over the bill is the result of an amendment being pursued by South Australian cross-bencher, Senator Rex Patrick, around grandfathered large proprietary companies.
Senator Patrick had previously signalled he was supportive of the legislation which would have extended the FASEA exam timetable but is reported to have stated he is just as committed to his amendment.
The further threat to the smooth passage of the omnibus bill comes after it was stalled in the Senate a month ago because of issues pursued by the Australian Labor Party.
At the time the legislation was last stalled, it was suggested that it was within the remit of the Government to ask the Australian Securities and Investments Commission (ASIC) to deliver class order relief to deliver the same outcome for advisers.
The Government managed to cover off its decision to not proceed with adviser code monitoring bodies via class order relief delivered by ASIC.
Recommended for you
Sequoia Financial Group has seen a top-level reshuffle as the chair of the board, John Larsen, steps down after five years in the position.
As statements of advice move into the rear-view mirror, Vital Business Partners explores how financial advisers are adopting innovative documentation strategies.
Adviser Ratings has explored whether there is a financial benefit to advice firms seeking to have a specialised client base in terms of client assets and fees charged.
The Federal Court has approved the $16 million class action settlement regarding Dixon Advisory and Superannuation Services.