SMSF Association welcomes new body to oversee advisor education, training standards

The SMSF Association welcomes the appointment of Catherine Walter as chairperson of the new Financial Adviser Standards and Ethics Authority (FASEA), as well as the eight appointed directors.

The appointments to this Authority were announced by the Minister for Revenue and Financial Services, Kelly O’Dwyer, this morning. It will play an important role in overseeing the educational and training standards of financial advisors, as well as establishing a Code of Ethics.

SMSF Association Managing Director/CEO Andrea Slattery says: “The Minister’s appointments are recognition of the importance the Government is placing on improving the training and educational standards of advisors, an issue the Association has long advocated.

“We look forward to working with the Authority to establish higher standards for advisors that are an important step to improving the professionalism of financial advice.

“In particular, we will be urging the Authority to recognise the SMSF sector as a specialty and a profession to safeguard the financial interests of the more than 1.1 million trustees and the $653 billion in FUM critical to Australia’s retirement system.

“Research shows the trustees are increasingly looking to get specialist advice to assist in the management of their SMSF, so it’s critical this advice is of the highest standard,” she says.