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FASEA focus unchanged as CEO exits

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FASEA to maintain same focus after CEO exits.

The direction of the education framework for financial advisers will remain unchanged under the Financial Adviser Standards and Ethics Authority’s (FASEA) new leadership following the resignation of chief executive Dr Deen Sanders.

FASEA chair Catherine Walter announced yesterday Griffith Business School finance and financial planning professor Dr Mark Brimble will assume the role of acting managing director.

He will be in the role until 31 July while FASEA undertakes a recruitment process to secure a new CEO.

“Dr Brimble has been involved as a board member since the inception of FASEA. Thus we have excellent continuity,” FASEA told selfmanagedsuper.

FASEA said the continuity would allow the standards authority to maintain focus on its program of work, including stakeholder consultation on higher education standards and FASEA’s code of ethics.

“[Brimble] is currently focused on the next-phase draft standards for consultation on the exam process as defined by the legislation,” FASEA said.

Deloitte confirmed to selfmanagedsuper Sanders will join the consulting firm as a conduct partner, focusing on strengthening its leadership position in financial advice remediation, prevention, oversight and monitoring services.

He finishes up with FASEA in 10 days and will commence a new role with Deloitte in June.

Sanders recently added to financial planning and accounting industry concerns that designations and specialist courses will not count towards qualifications to become a financial adviser under FASEA’s new education framework.

He told the SMSF Association National Conference in February that designations are not qualifications, adding FASEA’s role is to follow the legislation as stipulated in the Corporations Amendment (Professional Standards of Financial Advisers) Act 2017 and apply the law in a specific manner.

FASEA said consultation is in place and being reviewed to consider stakeholder feedback on these issues.

Brimble has worked within the finance and education sector for the past 17 years.

“I thank the FASEA board for this opportunity to continue the vital task of improving public confidence and trust in the financial advice sector,” he said.

“It is essential as we move into the implementation phase of FASEA’s work to continue to execute the critical planning, consultations and rollout process established by the authority.”

Brimble will begin his role as acting managing director on 23 April and will remain in the role until the end of July.

The board has begun a recruitment process through executive search firm Egon Zehnder to secure a permanent CEO.

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