Late pre-election tidy-up on adviser education
ANALYSIS
The degree to which the Government has embarked on a pre-election tidying-up exercise in the financial services portfolio has been exemplified by the announcement by the outgoing Assistant Treasurer and Minister for Financial Services, Stephen Jones, on a new entry regime for financial advisers.
The tidying-up element of Jones’ announcement is underlined by the fact that the Financial Adviser Standards and Ethics Authority (FASEA) ceased to formally exist on 1 January, 2022, and the subsequent relevant Treasury consultation kicked off on 18 April, 2023, and closed on 3 May that year.
The consultation covered education standards for experienced financial advisers and technical fixes for new entrants and received 70 submissions, 40 of which were confidential.
Thus, Jones’ announcement this week has occurred nigh on two years after Treasury developed the exposure draft of the Treasury Laws Amendment (Measures for Future Bills) Bill 2023: Recognising experience in the financial advice industry.
Of course, Jones is not contesting his seat at the upcoming Federal Election, so his comments to yesterday’s forum mean he is handing his successor a relatively clean set of books, assuming the Government is actually returned to office.
The length of time the Government has taken on the issue was politely noted by the Financial Advice Association of Australia (FAAA) chief executive, Sarah Abood, when she said her organisation welcomed that the changes were due.
She said the FAAA along with its Joint Advice Working Group (JAWG) partners had taken a range of proposals to Treasury and the minister last year, “and we are pleased these have been heard”.
The FAAA pointed to issues with the minister’s announcement, including that Government’s response went beyond the JAWG proposals and that this might adversely impact the existing universities offering financial advice education.
“It will be important to confirm that existing financial planning courses will remain approved in the new world and that these existing programs remain an important pathway for new entrants to join the profession,” she said
“We note that important detail is yet to be communicated, including the timing, arrangements for current students, and any impact on those existing financial advisers who are striving to meet the education standard by the deadline of 1 January 2026. “
Abood quite sensibly noted the upcoming Federal Election and that any decisions would be taken post-election.
farcicaladjectivefar·ci·cal ˈfär-si-kəl
1
: of, relating to, or resembling farce (see farce entry 1 sense 1a) : ludicrous
the farcical parts of comedies
2
: laughably inept : absurd
farcical high jinks
Yep what accountability do the MORONIC Pollies & Bureaucrats that implemented the extremely selective FARSEA education and code approach get????
NONE of course, as Pollies & Bureaucrats are never held to account for their MORONIC actions.
What about ASIC’s paid for submissions to FARSEA from Academics?
Highly conflicted Academics trying to sell education courses and books. That was ethical hey.
NO accountability for these corrupt MORONS either.
Any attempt by government or opposition to appeal to the financial adviser community pre-election is becoming a wron-out and obvious strategy. Ot’s merely an acknowledgement that advisers will try pick a side and tell their clients who in turn will vote based on the message of their adviser especially if this means saving the clients money. However, the track record of these pollies is abysmal. I’ve not seen ANY material promise kept. They have generally done the opposite; and client’s costs have been forced upwards.
Neither Labour or Liberals can be trusted…a sad indictment of their disinterest in helping their constituents to access affordable, qualified and hence quality advice with all the afforded client protections. Time to vote with any party that doesn’t preference greens, national, liberal or labour…force these numpties to work with independants or a smaller party that might uphold AUSTRALIAN values!