FASEA Extensions ‘Stalemate’ – Optimism Remains

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While the Parliamentary Bill relating to the extension of the FASEA exam and education deadlines appears to have stalled again because of an unrelated amendment, the AFA remains optimistic there will be an acceptable outcome.

A statement from the AFA says that while there has been some good news in that the Senate has passed the Treasury Laws Amendment (2019 Measures No. 3) Bill, which includes the extension of the FASEA exam and education deadlines, a complication is that the Bill was passed with an unrelated amendment and therefore will need to go back to the House of Representatives for further deliberation.

AFA CEO, Phil Kewin says the Bill will now be sent back to the House of Representatives to debate the *unrelated Centre Alliance Party amendment.

Phil Kewin… in the Senate all speakers spoke in favour of the extensions to the FASEA deadline…

“As the Government did not vote in favour of the Centre Alliance amendment in the Senate, it is unclear when the House of Representatives will consider this amendment and whether the Government will support it there,” Kewin says.

“If the House of Representatives rejects the Centre Alliance amendment, then we are potentially in a stalemate,” he says.

Kewin offered a measured response to the latest delay to the confirmation of the FASEA deadlines, assuring AFA members the association will be doing everything it can to ensure its members receive the certainty they deserve ”… and we continue to remain optimistic that there will be an acceptable outcome achieved”.

“We can take some positives from what happened in the Senate, which was that all speakers spoke in favour of the extensions to the FASEA deadlines and they have in fact voted for these important extensions. We heard speakers discuss the impact on financial advisers and demonstrated empathy for the position that financial advisers are in.”

…Collectively, we have been successful in conveying the message of the importance of these extensions for advisers…

“Collectively, we have been successful in conveying the message of the importance of these extensions for advisers. Now we need the Parliamentary process to deliver this outcome as soon as possible.”

See FASEA Extensions Confirmed…Again

Kewin says the AFA will be watching the Parliament closely to see what happens next and talking to the Minister’s Office to understand the next steps necessary to ensure the passing of these extensions.

“While there are other options, including ASIC intervention to provide the extensions, this will need to await the outcome of the Parliamentary process and would be a last resort.“

*The statement notes that the unrelated Centre Alliance amendment concerns the removal of a grandfathering arrangement that has exempted some large proprietary companies from providing annual financial statements to ASIC.