*** 9.35am Wednesday, 17 June: The legislation containing the FASEA exam and education extensions has finally passed both Houses as the Senate did not further insist on its amendments to which the House of Representatives disagreed.***
The Government has one final chance this week to have its legislation containing the FASEA exam and education extensions pass the Senate without a key but unrelated amendment attaching to it.
The amendment, proposed by Centre Alliance Party Senator, Rex Patrick, relates to the removal of a grandfathering arrangement that has exempted some large proprietary companies from providing annual financial statements to ASIC (see also: FASEA Extensions Stalemate…)
Twice already during this current Parliamentary sitting, the Government has sought agreement from the Senate – in its committee stage – not to insist that Senator Patrick’s amendment remains attached to the Treasury Laws Amendment (2019 Measures No. 3) Bill. The most recent vote on this motion, taken on Tuesday this week, saw the Government’s request denied by a margin of two votes.
Riskinfo understands the Government is in discussions with Pauline Hanson’s One Nation Party Senator, Malcolm Roberts, to secure his vote in favour of the Coalition’s motion when put to the Senate for a third and final time.
Other options?
If this motion is again voted down, the AFA has previously indicated there may be other options through which the FASEA extensions may be implemented, including ASIC intervention, but noted this would need to await the outcome of the Parliamentary process and would be a last resort.
If the extensions are eventually implemented, advisers would have until 1 January 2022 to complete the FASEA-approved adviser exam (one extra year) and until 1 January 2026 to meet FASEA’s minimum qualification requirements (two extra years).
Riskinfo will report further developments as they arise.
Too late it was just passed !!
What a mess this is going to leave if it’s not sorted at the next meeting
What If ASIC dig in and say we cannot help?
You cannot get 16,000 advisers through an exam in 6 months let alone the current economic and health environment we are experiencing at present
He’s an idea !!! Why not cancel it all ? Rethink it as it’s absolutely outrageous in its current form
Get some specialty exams structured for risk only advisers ( limits their abilities in other areas but we cannot have it both ways I guess)
Give existing advisers more credit for what they have achieved over 20 30 or 40 years in the industry and the ability to leave in their own time and with grace and appreciation Not given a time line of 1/1/26
And make it appealing for younger people to join the industry and not feel like a “ door knob” for a ridiculous period of 12 months before they can start to help people
This all started because ASIC allegedly said as part of the 413 report ( which was floored anyway) advisers earn too much for what they have to do ! They have certainly fixed that!! And all this has done nothing to improve the position of the client !
Common AFA FPA here’s a chance to change things for the better
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