FASEA appoints Stephen Glenfield as CEO
The Financial Adviser Standards and Ethics Authority (FASEA) has announced that Stephen Glenfield, an old hand in the financial services regulation space, is its new chief executive.
Glenfield would take up the mantle on 1 August, replacing Dr Mark Brimble, who had been acting as FASEA’s interim managing director since Deen Sanders’ departure from the CEO role earlier this year.
Glenfield said that he was looking forward to helping improve financial advisers’ professional standards, and consumer trust and confidence in the sector. He flagged that he planning to do so "collaboratively" with the industry, which had been somewhat rocked by FASEA's proposals thus far.
“I thank the FASEA Board for the opportunity to lead this pivotal organisation with a clear remit to act upon and implement the Federal Government’s objectives under the legislation,” he said.
“I anticipate working collaboratively with a diverse range of stakeholders as we prepare for the critical rollout phase of the Standards Authority’s work program.”
FASEA chair, Catherine Walter, said that Glenfield’s 30-plus years’ experience in financial services regulation and “measured leadership style” would strengthen the Authority’s capacity as it enters the rollout stage of its educational standards reforms.
“On behalf of the Board, the Standards Authority welcomes Mr Glenfield to the role of CEO. Stephen is ideally suited to lead the Authority, and to engage with consumer, government and industry stakeholders to ensure we achieve the required successful outcomes,” Walter said.
“Stephen brings in-depth knowledge of financial system regulation, strong communication skills and a strategic mindset. The Board expects that Stephen’s stewardship will augment and build upon our existing work in establishing a robust standards framework.”
Glenfield was most recently a managing director within the Australian Prudential Regulation Authority (APRA).
AUTHOR
Hannah Wootton
Recommended for you
Sequoia Financial Group has declined by five financial advisers in the past week, four of whom have opened up a new AFSL, according to Wealth Data.
Insignia Financial chief executive Scott Hartley has detailed whether the firm will be selecting an exclusive bidder for the second phase of due diligence as it awaits revised bids from three private equity players.
Insignia Financial has reported a statutory net loss after tax of $17 million in its first half results, although the firm has noted cost optimisation means this is an improvement from a $50 million loss last year.
With alternative funds being described as “impossible” for fund managers to target towards advisers without the support of BDMs for education, Money Management explores the evolving nature of the distribution role.
