Move to give advisers more time to meet FASEA requirements lauded

SMSF Association Media Release

17 June 2020

The passing of legislation giving the financial advice profession more time to complete the Financial Adviser Standards and Ethics Authority (FASEA) exam and meet the qualification requirements has the full support of the SMSF Association.

The Treasury Laws Amendment (2019 Measures No. 3) Bill 2019, which passed the Senate today with bipartisan support, will give advisers an extra year to complete the FASEA-approved exam (1 January 2022) and two additional years to meet its qualification requirements (1 January 2026).

SMSF Association CEO John Maroney: “The fact this legislation attracted strong support in the Senate this morning is excellent news for the industry. It illustrates all sides of Parliament recognise that the industry needs more time to adjust to the FASEA reforms while remaining on the path towards improved financial advice standards.

“The industry has had much to contend with recently, and this has been compounded by the COVID-19 pandemic, so the passing of this legislation will give advisers a reprieve at the very time they need it.

“Throughout this exercise the Government, Opposition and minor parties have demonstrated a willingness to listen to genuine industry concerns about the pace of change while not sacrificing the integrity of the reforms that are so crucial to raising the industry’s educational, training and ethical standards.”