The SMSF Association has welcomed an extension to the time frames for advisers to meet the FASEA exam and education requirements, stating the revised schedule provided a balance between better standards and the time required to meet them.
Association chief executive John Maroney welcomed the federal government’s ongoing reform agenda, saying “allowing the industry an extra year to complete the Financial Adviser Standards and Ethics Authority (FASEA)-approved exam and two additional years to meet its qualification requirements are prudent steps to limit the disruption being caused by these necessary changes”.
Maroney said the extension, announced by Assistant Minister for Superannuation, Financial Services and Financial Technology Jane Hume late last week, showed the government had listened to the concerns of industry about the timing of the reforms.
“The association has no doubt that the government’s ongoing reform to financial advice will raise the industry’s educational, training and ethical standards, and commend it for doing so, but it’s critical to realise the industry needs time to adjust, and that’s exactly what the government has done with this announcement,” he said.
At the time of the announcement of the extension, the Financial Planning Association, Association of Financial Advisers and CPA Australia welcomed the change. Chartered Accountants Australia and New Zealand (CAANZ) commented earlier today, stating it was pleased with the outcome but was seeking more information on the status of its members under the FASEA regime.
CAANZ financial advice leader Bronny Speed said: “We will continue to engage with the government and FASEA to gain maximum recognition for chartered accountants (CA) to retain them as trusted advisers in the marketplace.
“We have recently made a further submission to FASEA to clarify what financial planning studies will count for further credits in conjunction with the CA qualification.”