Lack of consultation an “important shortfall” with FASEA

The Financial Adviser Standards and Ethics Authority (FASEA) is expected to move to legislation with little, if any, further consultation.

Peter Hogan, SMSF Association Head of Education and Technical, told the Technical Day in Brisbane that an “important shortfall” with FASEA was the lack of consultation.

He said there had been a number of opportunities to “talk” but little true consultation.

According to Hogan, FASEA plans to move straight from the current phase to drafting legislation to be put to Parliament, with an aim of it being in place for 1 January 2019, “with no real opportunity to comment on the legislation, which we don’t believe is appropriate given the massive ramifications that it is going to have … for everyone in the industry”. Read more...

FASEA proposed standards should better recognise prior learning

The Financial Adviser Standards and Ethics Authority (FASEA) has been urged by the SMSF Association to provide more guidance and certainty to financial advisers on the recognition of prior learning.

SMSF Association Head of Policy Jordan George said it is essential that advisers have greater clarity on how their existing qualifications will be counted under the new standards being proposed by FASEA.

“Currently, the proposed FASEA education standards for existing advisers do not provide enough recognition for prior learning,” said Mr George. Read more...

SMSFA welcomes FASEA’s draft education pathway, wants more detail

The SMSF Association says proposed guidance from the Financial Adviser Standards and Ethics Authority (FASEA) on education pathways for financial advisers is a “crucial step forward”, but wants to see more detail.

The FASEA this week released a draft Code of Ethics and Proposed Guidance on Education Pathways for All Advisers, for consultation.

A statement by Minister for Revenue and Financial Services said: “It is important to remember why these reforms are necessary – repeated instances of inappropriate or just plain bad advice has significantly eroded trust and confidence in the financial advice sector.” Read more...

FASEA proposed education qualifications a “critical first step”

The release of the Financial Adviser Standards and Ethics Authority’s (FASEA) education qualifications has been welcomed by the SMSF Association as a critical first step.

The FASEA recently released its Existing Adviser Qualifications Pathway: Proposed Guidance, proposing that an AQF7 qualification (equivalent to a three year full-time university degree) or an AQF8 qualification (equivalent to a postgraduate certificate) will be required for existing financial advisers.

“This announcement will provide early certainty around what will be required for financial advisers to meet the new requirements,” said Minister for Revenue and Financial Services Kelly O’Dywer, following the release of the proposals. Read more...

FASEA appointment gets thumbs up from the SMSF Association

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. Read more...

FASEA appointments welcomed by SMSF Association

Catherine Walter AM has been appointed as Chair of the new Financial Adviser Standards and Ethics Authority (FASEA) for a four-year period, Minister for Revenue and Financial Services Kelly O’Dwyer announced.

“The FASEA will be responsible for governing the conduct of professionals in the financial advice sector, by setting mandatory educational and training requirements, developing and setting an industry exam, and creating a Code of Ethics that all advisers will be required to adhere to,” said the announcement. Read more...