Do you support the Government’s move to split FASEA’s functions between the Treasury and ASIC?
- Yes (54%)
- Not sure (30%)
- No (16%)
Our latest poll seeks your views on the winding down of FASEA (see: FASEA to be Dismantled).
The Government has moved to wind down FASEA and divide its role between ASIC and Treasury to create a single, central disciplinary body for financial advisers. The AFA noted that while there was still more detail to come, it was a positive step towards removing unnecessary duplication for advisers (see: Industry Bodies Respond).
“Financial advisers and the advice industry as a whole have been hit with layers and layers of regulation that have increased the cost to provide advice without any clear consumer benefit,” AFA CEO Philip Kewin says.
The FPA also sees it as a step in the right direction, “…particularly for financial planners who, in some instances, are struggling to remain commercially viable as the cost of advice has skyrocketed in recent years as regulatory and compliance costs continued to rise”, says CEO Dante De Gori.
However both membership organisations reminded financial advisers that while the functions currently undertaken by FASEA will be transferred to other agencies, advisers will still need to pass the FASEA exam by the end of 2021 and achieve the education standard by the end of 2025.
So for our last poll of the year, we are wondering how financial advisers, who are at the coalface of the regulatory reforms, feel about the Government’s move. Will it make any difference to you and your business? Is one less regulatory body a good thing for the industry?
We welcome your views and will report back early in the New Year…