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
The levy payable by financial advisers for the Compensation Scheme of Last Resort has almost quadrupled for FY26 as the government launches a formal review.
Melbourne and Perth-based Endeavor Asset Management has added 24 financial advisers to its AFSL this week, with overall industry numbers rising by more than a dozen.
The industry has reacted to the retirement of Stephen Jones as Minister for Financial Services, recognising his efforts on scams and financial reforms.
Australian advised clients are the most eager among global peers to invest in private markets, according to Hamilton Lane, with their knowledge of the asset class also being higher.
