O’Dwyer again blames bad advice for FASEA creation



The Minister for Revenue and Financial Services, Kelly O’Dwyer has reiterated that the Financial Adviser Standards and Ethics Authority (FASEA) is the product of planners having delivered persistently bad advice.
At the same time as confirming the release of the latest transition pathways guidance by FASEA, O’Dwyer repeated her assertion that planners needed to remember why FASEA had been necessary – “repeated instances of inappropriate or just plain bad advice has significantly eroded trust and confidence in the financial advice sector”.
“Every adviser has a role to play in rebuilding that trust, and these new educational requirements are a critical step towards professionalising the sector,” she said.
“Ultimately, the professionalisation of the advice sector will be in the best interests of all advisers, existing and new, because it will ensure enduring consumer trust and confidence in the financial advice sector.”
Recommended for you
The RBA has handed down its much-anticipated rate decision, following widespread expectations of a close call.
Two national advice businesses have merged to form a leading holistic advice business with $2.5 billion in funds under management.
Insignia Financial has completed its transition of a range of administration and technology functions to SS&C Technologies as it seeks to be a leading wealth manager by 2030.
ASIC has permanently banned a financial adviser after he allegedly concealed information from clients and misused client funds, among other breaches.