Walter to continue as FASEA chair until wind-up
The chair of the problem-plagued Financial Adviser Standards and Ethics Authority (FASEA), Catherine Walter, will continue in her role in a part-time capacity.
Walter’s reappointment as part-time chair was confirmed today by the Minister for Superannuation, Financial Services and the Digital Economy, Senator Jane Hume.
Hume announced that Walter had been reappointed from 11 April, 2021, and as chairperson of FASEA would continue to work with the board consulting on and refining the Standards for Financial Advisers that remain under FASEA’s responsibility until the organisation is wound up.
The Government announced in December that the standard-making functions of FASEA would be moved into Treasury and the remaining elements of FASEA’s role, including administering the adviser examination, will be incorporated into the Financial Services and Credit Panel within the Australian Securities and Investment Commission.
Recommended for you
Financial Services Minister Stephen Jones has shared further details on the second tranche of the Delivering Better Financial Outcomes reforms including modernising best interests duty and reforming Statements of Advice.
The Federal Court has found a company director guilty of operating unregistered managed investment schemes and carrying on a financial services business without holding an AFSL.
The Governance Institute has said ASIC’s governance arrangements are no longer “fit for purpose” in a time when financial markets are quickly innovating and cyber crime becomes a threat.
Compliance professionals working in financial services are facing burnout risk as higher workloads, coupled with the ever-changing regulation, place notable strain on staff.