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 FSCP has announced its latest verdict, suspending an adviser’s registration for failing to comply with his obligations when providing advice to three clients.
Having sold Madison to Infocus earlier this year, Clime has now set up a new financial advice licensee with eight advisers.
With licensees such as Insignia looking to AI for advice efficiencies, they are being urged to write clear AI policies as soon as possible to prevent a “Wild West” of providers being used by their practices.
Iress has revealed the number of clients per adviser that top advice firms serve, as well as how many client meetings they conduct each week.
