Original ‘experienced pathway’ submissions still unpublished
The Assistant Treasurer and Minister for Financial Services, Stephen Jones has kicked off another round of consultation around the ‘experienced pathway’ before the Treasury has even made public the submissions around last year’s consultation.
An examination of the Treasury web site confirms that the dozens of submissions filed with Treasury as part of its consultation around “Financial Adviser professional standards” started in August, last year, remain unpublished.
Last year’s consultation ended on 16 September, last year, and formed the basis of the exposure draft legislation currently the subject of the current consultation around “Education standards for experienced financial advisers and technical fixes for new entrants”.
While a number of organisations made their submissions to last year’s consultation public, the majority remain unavailable on the Treasury web site.
Submissions to the current consultation process close on 3 May.
“Education standards for experienced financial advisers and technical fixes for new entrants.”
Congratulations Mike for getting this description correct. Most of the financial services media has inaccurately reported there will be technical fixes for FASEA’s education recognition mistakes for all advisers. But that is not the case. Jones’ latest proposal only caters for technical fixes for new entrants.
It seems Jones has decided fixing all of FASEA’s standards and recognition mistakes is just too hard. He is using the experienced pathway as a workaround solution, in the expectation advisers with good quality university level education FASEA refused to recognise, will be covered by the experience exemption anyway.