AIOFP tells FASEA education providers they’re getting just deserts
Suggestions that universities and other financial planning education providers stand to lose millions of dollars because of the ‘experienced pathway’ has earned derision from the Association of Independently Owned Financial Professionals (AIOFP).
The AIOFP has sent an e-mail to all Federal parliamentarians supporting the changes underpinning the ‘experienced pathway’ and deriding the reported complaints of education providers.
“We will only shed ‘crocodile tears’ for these organisations who took over FASEA after its inaugural CEO resigned when realising what its nefarious mantra was all about,” the AIOFP’s e-mail penned by its executive director, Peter Johnston said.
“FASEA became a highly conflicted and ethically compromised ‘Ethical Authority’ but survived to inflict unnecessary grief to many.”
“This classic ‘Dracula becomes CEO of the blood bank’ scenario emerged and now they are complaining to Parliament that they won’t be able to charge $50 million to older highly experienced Advisers who simply don’t need their services,” the message said.
“Perhaps these Providers can reflect on the 30 lives lost to suicide, 14,000 displaced Advisers, billions taken in grandfathered revenue and millions of orphaned consumers who Advisers cannot afford to service before whinging about cash they should never have got in the first place.”
“The FASEA entity and legislation was and is a disgrace and that’s why the entity was shut down [in name only unfortunately].”
“This Provider $50m is speculative money whereas these Adviser related losses is real money that caused real mental health problems thanks to FASEA and its crony Life Insurance Framework [LIF] Legislation, another disaster unfolding before our very eyes.”
FARSEA, first public comments included….”Any degree older than 10 years counts for nothing, all start Uni again”.
WTF …. So every Dr, Lawyer, Accountant, Engineer, etc along with Financial Advisers have to restart Uni every 10 years.
Bureaucratic madness, so typical of Canberra.
FARSEA should be investigated.
I’ll never forget being at the SMSF conference when the first FASEA CEO (who clearly hadn’t done his homework) told a room of 1000+ lawyers, actuaries, accountants, auditors and financial advisers that they needed to have obtained degrees in the most recent ten years to be considered qualified.
I won’t mention who, but a voice rang out from the audience…I’ve just checked your LinkedIn profile, you got your degree 20 years ago…suggest you @&$#-off this stage…
The FASEA CEO quit 4 weeks later…
Please don’t blame Canberra for FASEA mate. The FARCE came straight out of Melbourne where the banks have HQs, together with a Melbourne Minister who used to work for a bank. And FARCIA was funded by the banks to the tune of 11.5 million for the first three years.
And then the blood-sucking universities got their snoughts in the trough
All of this from a Coalition small-business party.
You can blame us for a lot of weird ideas, but not FARCIA. But CAN blame ALA & FPA for “waiving it through” in the name of “professionalism”
When is Jones going to rectify the ridiculous 9 hours per year Ethics CPD requirement, which was imposed by the corrupt, incompetent, and unethical FASEA? That rule will continue to generate lots of revenue for FASEA aligned education providers for many years to come. In particular for the so called “ethicist” who was on the disgraced FASEA Board.
Gotta love the Lawyers / Bureaucrats making the rules up.
Lawyers have to do 10 hrs CPD per annum and that must include 1 hr Ethics and Professional Responsibility.
So Advisers have to do 4 times the annual CPD at 40 hrs.
And mandatory 9 times the annual Ethics rubbish at 9 hrs pa.
As for Pollies, ASIC, AFCA, etc Canberra bureaucrats i’d imagine zero CPD required.
WTFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFFark is this stitch up yet again.
No doubt we’ll get hit with a new levy to compensate these universities
The FASEA board wouldn’t even realise the damage they have done, because they never listened nor took the time to understand the intricacies of our profession.
The education and CPD policies were ridiculous, but nothing compared to the code, which is a disgraceful piece of work causing a huge amount of damage behind the scenes. Dealer groups are taking extreme views on the many grey areas and using the code to bully advisers and force them into submission.
Consumers are now paying the price for their utter incompetence.
I so agree with Peter’s comments. The whole FASEA exercise was a misguided draconian exercise led by those who saw the $$$$$ coming. When are we going to see these parasites held responsible for the misery and suffering they have deliberately inflicted on so many??
So that you don’t lose any further sleep seeking an answer…
The answer you seek is…
NEVER!
This guy is seriously unhinged. Does he sit awake all night emailing every politician?
All the comments have relevancy…but we have to come together and support , promote and protect our profession and autonomy..WE have to do this…peter Johnson and his constant winging is no help to our profession…he is the most unprofessional representative ive ever encountered. I wish he would just get back to his own business and leave our profession be before he turns it into a joke