The appointment of Deen Sanders to the Financial Adviser Standards and Ethics Authority (FASEA) has received the ‘thumbs up’ from the SMSF Association.
Minister for Revenue and Financial Services, Kelly O’Dwyer, recently announced the appointment of Dr Deen Sanders OAM as CEO of the FASEA.
“FASEA will play an important role in giving life to the Government’s reforms to raise standards in the financial advice industry. These reforms will professionalise the industry and deliver improved outcomes for consumers,” said Minister O’Dwyer.
Catherine Walter AM, Chair of FASEA, said: “Dr Sanders is eminently qualified to lead FASEA and brings a deep understanding of existing educational and training standards of financial advisers. Critically, his practical understanding of the sector and its unique dynamics will help guide a renewed approach to improving standards, alongside a clear focus on mandatory ethical requirements to improve public trust and confidence.”
The appointment has been welcomed by the SMSF Association.
“We are fully supportive of the Government’s decision to establish FASEA, recognising its important role to oversee the educational and training standards of financial advisors, as well as establish a Code of Ethics,” said SMSF Association CEO John Maroney.
“It is another positive step to improve the training and educational standards of advisors, an issue the Association has long advocated,” he said.
Mr Maroney said the Association will seek to work closely with FASEA to improve professionalism in financial advice.
“From our perspective, higher standards of financial advice are critical to safeguard the interests of the more than 1.1 million SMSF trustees and members who have $674 billion in funds under management,” he said.
“A key message to the Authority will be to urge its recognition of SMSF specialists and their vital role in advising this sector.”
“The evidence shows that SMSF trustees are increasingly looking to get specialist advice to assist in the management of their SMSF, so this advice needs to be of the highest order.”