FASEA was 'built wrong' says ALP
The Federal Opposition has fired a shot over the bows of the Financial Adviser Standards and Ethics Authority (FASEA) suggesting it was badly structured from the outset has suffered from poor leadership.
The Shadow Assistant Treasurer, Stephen Jones has told the AFA virtual conference that the Government had taken the wrong approach to FASEA both in terms of structure and leadership.
“They built FASEA wrong from the ground-up – under-resourcing it, providing it with the wrong direction, and the wrong leadership,” he said. “When you have an organisation that goes through three CEOs in less than two years – you know something is wrong.”
What is more Jones took a swipe at the pace at which FASEA had worked stating that “when a regulator issues key standards mere days before they are to come into effect – you know that they are not doing their job right”.
His comments have come in the wake of Federal Budget documentation which indicate no future funding of FASEA beyond next year’s May Budget and amid suggestions that FASEA’s functions will be subsumed into the new single disciplinary structure which is expected to be announced next year.
Recommended for you
As the year comes to an end, Money Management takes a look at the biggest announcements that shocked the financial advice industry in 2024.
As the year draws to a close, a new report has explored the key trends and areas of focus for financial advisers over the last 12 months.
Assured Support explores five tips to help financial advisers embed compliance into the heart of their business, with 2025 set to see further regulatory change.
David Sipina has been sentenced to three years under an intensive correction order for his role in the unlicensed Courtenay House financial services.
