Senator Jane Hume has been appointed the new Minister for Superannuation, Financial Services and the Digital Economy and promoted to cabinet.
Prime Minister Scott Morrison announced Hume, who has been Assistant Minister for Superannuation, Financial Services and Finance since May 2019, would expand her role within his second ministry.
Hume’s promotion also represents a return to cabinet for a minister covering the financial services sector, which was last represented at that level by Kelly O’Dwyer from mid-2016 to mid-2018.
The Financial Planning Association (FPA) welcomed the announcement, highlighting her work with the body to provide regulatory relief to financial planners assisting Australian consumers during the COVID-19 pandemic and her involvement in the passing of legislation to extend the time for financial planners to complete the Financial Adviser Standards and Ethics Authority (FASEA) exam and study requirements.
FPA chief executive Dante De Gori said: “Senator Hume has worked closely with the FPA over the past year and achieved a number of positive results for the profession.
“I look forward to continuing our work with Senator Hume and the government on how we can continue to improve access to affordable and professional financial advice for Australians.”
Earlier this month, Hume, in conjunction with Treasurer Josh Frydenberg, announced the federal government would scrap FASEA and give responsibility for its major functions to Treasury and the Australian Securities and Investments Commission (ASIC), citing recommendation 2.10 of the financial services royal commission, which called for a single disciplinary body for the oversight of financial advisers.
“The government will give effect to this recommendation by expanding the operation of the Financial Services and Credit Panel (FSCP) within ASIC,” they said.
“The FSCP currently supports ASIC in the exercise of its regulatory functions with respect to the making of banning orders against individuals for misconduct.”
In October, Hume shared her belief that there were some compelling reasons to remain optimistic about the future of the financial advice industry despite the negative impact of certain challenging developments within the sector.
