Deen Sanders appointment to FASEA gets thumbs up

The SMSF Association welcomes the appointment of Dr Deen Sanders OAM as CEO of the Financial Adviser Standards and Ethics Authority (FASEA).

The Minister for Revenue and Financial Services, Kelly O’Dwyer, announced Sanders’ appointment on Friday, saying he brought a deep understanding of educational and training standards required by financial advisors to the position.

SMSF Association CEO John Maroney says the peak body for the SMSF sector fully concurs with the Minister’s assessment of Sanders’ skills and knowledge, helping to ensure the new Authority fulfils its vital educational function.

“We are fully supportive of the Government’s decision to establish FASEA, recognising its important role to oversee the educational and training standards of financial advisors, as well as establish a Code of Ethics.

“It is another positive step to improve the training and educational standards of advisors, an issue the Association has long advocated.”

Maroney says the SMSF Association will seek to work closely with the Authority to improve the professionalism of financial advice.

“From our perspective, higher standards of financial advice are critical to safeguard the interests of the more than 1.1 million SMSF trustees and members who have $674 billion in funds under management.

“A key message to the Authority will be to urge its recognition of SMSF specialists and their vital role in advising this sector.

“The evidence shows that SMSF trustees are increasingly looking to get specialist advice to assist in the management of their SMSF, so this advice needs to be of the highest order.”