The chairman of a key Parliamentary Committee has suggested that the Financial Adviser Standards and Ethics Authority (FASEA) should be subject to oversight by a Parliamentary Committee.
The chairman of the House of Representatives Standing Committee on Economics, Tim Wilson asked the FASEA chief executive, Stephen Glenfield whether the authority was answerable to any Parliamentary Committee.
Glenfield answered that FASEA had appeared before Senate Estimates, with Wilson responding that that was very different to being subject to the oversight of a specific committee.
Wilson asked Glenfield whether he had any objection to FASEA being oversighted by a parliamentary committee and answered that he would have no objection.
Wilson had earlier told Glenfield that he had received many complaints about FASEA and questioned whether the authority amounted to “a regulator running amok”.
Glenfield defended the performance of FASEA and reinforced that it had been led by the legislation which governed its operations.
