FASEA on self-imposed year-end deadline

Planners should expect the Financial Adviser Standards and Ethics Authority’s (FASEA’s) final standards by Christmas, with the Authority’s new chief executive, Stephen Glenfield, today saying that his intention was to have them finalised this year.

When questioned by Financial Planning Association (FPA) chief executive, Dante De Gori, at the FPA’s Professionals Conference, Glenfield said that “the aim is to have the instruments made before the end of the year as we want to give people some certainty on what we will have going forward”.

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For the remaining aspects of the reforms yet to be released in draft form, Glenfield said that the Authority would offer consultation periods of two to four weeks depending on the complexity of the reform. The Authority would be considering feedback as it came in to help meet its intended year-end deadline.

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Glenfield said that the continuing professional development (CPD) draft provisions, which had caused stress among planners trying to work out the worth of their existing and future CPD points, would be “out very shortly with a consultation period attached”.

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Expanding on his comments earlier in the Congress on the extent to which FASEA considered feedback, Glenfield said that the Authority would consider “anything that is sensible and works within the remit of what we’re trying to do” when determining the final instruments.

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De Gori also welcomed FASEA’s announcement today that the FPA Diploma of Financial Planning would count as two credit points for planners working toward meeting FASEA’s education requirements, as well as recognition of the Advanced Diploma of Financial Planning for two credits.

Glenfield said that planners hoping to claim these credits did not need to go to FASEA to do so, but rather to the university they were hoping to gain credit at. He advised they would probably need proof they had completed the study, such as transcripts.

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