Sanders Steps Down as FASEA CEO

The Chief Executive Officer of Financial Adviser Standards and Ethics Authority (FASEA), Deen Sanders has stepped down from the role and will be replaced in an interim capacity by FASEA board member, Dr Mark Brimble.

Departing FASEA Chief Executive, Deen Sanders

Brimble, who is a Professor of Finance and Financial Planning at Griffith Business School, will not take on the Chief Executive role but will instead become Acting Managing Director of the education authority from 23 April until 31 July 2018.

FASEA announced the departure of Sanders by first detailing the appointment of Brimble, with the Chair of FASEA, Catherine Walter AM saying the move ‘augments the foundation efforts’ of Sanders and the Board in working towards the implementation of professional standards for advisers.

“We are confident Dr Brimble’s acting managing directorship will help us to build on the platform designed by standards expert Dr Sanders and enable the Board to recruit a suitably qualified Chief Executive Officer for the next important phase,” Walter said.

“Today’s announcement opens the way for Dr Sanders to step down from his current role as CEO to continue his long-standing career in professional standards, and we wish him well,” she added.

Walter said Brimble, who would retain his role at Griffith Business School, would oversee the authority as it moves toward the implementation phase of its work and brings proven leadership in the areas of higher education and financial services.

The Board of FASEA has engaged executive search firm Egon Zehnder to begin the recruitment process for a replacement for Sanders.

  • Confused

    Interesting that individuals with a vested interest in education providers (professors and/or some intrinsic link to a university) are charged to drive institutional change in the education landscape for a whole industry?!?!
    Conflict of interest much?

  • Walker

    Good riddance. A bridging course on the code of ethics for everyone at a post grad level.
    Either you have ethics or you don’t. No amount of study will make you a better human being. This was about a cash grab by education providers and to suggest otherwise is disingenuous. Hopefully Mr Brimble brings some common sense to the table.

    • Jimmy

      With over the top comments like yours, no wonder Sanders has stepped down from the role. Why would you want to be on the end of such vitriol from keyboard warriors like you and worse from others. Do you enjoy being grouped with the cowboys that have damaged our industry over past years? If not, why wouldn’t you be embracing the changes forced upon us by government – not by Sanders & FASEA – and seek to raise up the standards of everyone in the industry? Does the completion of one unit of study be so detrimental to you and others that it deserves the type of reply you have put on here?

      • Alan

        Steady on with your pretty offensive comment Jimmy, Walker is absolutely correct, no amount of education will convert an unprofessional or unethical individual.
        Yes you can teach what ethics involves but will it necessarily change behaviour? I think not.
        So the cowboys as you put it need to be identified and removed from the profession. Of course that doesn’t suggest they will be justifiably punished as we saw recently with the directors of Storm Financial.

      • Jake

        Whilst i do agree that there needs to be a higher standard of education in the industry…

        Please explain what part of Walker’s post was over the top. Studying ethics does not make a person ethical. Charging existing advisers, with 20+ years experience, time and money to go back to uni (whilst not recognising all the experience, study and ongoing training we have completed) is a blatant cash grab by universities. The fact that they were trying to pass a rule which exempted Financial Planning degrees completed over 10 years ago confirms this.

        Why would anyone embrace changes forced upon us by the government which waste our time and money for absolutely no benefit to us or our clients or anyone at all other than the universities offering these courses?

        The fact that sales consultants with a half days training can sell insurances/investments under general advice is much more worrying than advisers advising clients on the same products