FASEA exam extension legislation hits another snag
The minister last week signalled to a Financial Planning Association (FPA) forum that the long-awaited legislation extending the Financial Adviser Standards and Ethics Authority (FASEA) exam timetable would pass the Parliament this week but that guarantee no longer exists.
Both the FPA and the Association of Financial Advisers (AFA) are bracing for the passage of the legislation to be further delayed because the FASEA extension, while generally supported by both the Government and the Labor Opposition, is not a stand-alone piece of legislation.
AFA chief executive, Phil Kewin said that because the necessary legislation was part of an omnibus bill which also included arrangements around listed investment companies (LICs) it was likely to be the subject of debate around Labor amendments.
Those same amendments had been pursued by the Opposition when the bill passed the House of Representatives and it had been signalled they would be pursued when the legislation was up for debate in the Senate this week.
It is a matter for the Government whether the legislation remains on the Senate notice paper for this week or is deferred to a later date but there is an expectation that a further deferral will occur.
Recommended for you
Financial advisers are reminded to ensure their CPD is up to date with the Financial Services and Credit Panel making its second determination in a week after an adviser failed to meet the requirements.
An adviser has received a written reprimand from the Financial Services and Credit Panel after failing to meet his CPD requirements, the panel’s first action since June.
While efficiency remains a top priority for Australian advisers, State Street has revealed the profession is now juggling this desire with the need to maintain personalisation of its service offering.
A possible acquisition of data provider Iress is becoming a greater likelihood after the firm announced it is engaging with multiple interested parties.
