The Treasurer has announced that the Financial Adviser Standards and Ethics Authority (FASEA) will be wound up, with its regulatory functions to be transferred to the Financial Services and Credit Panel (FSCP) within the Australian Securities and Investment Commission (ASIC).
The Government will also move the standard-making functions of FASEA to Treasury, with the standards to be set by legislative instrument. The remaining elements of FASEA’s role, including administering the adviser examination, will be incorporated into the FSCP’s expanded mandate.
Legislation implementing these changes is intended to be introduced into Parliament in the first half of next year.
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Author: David Jacobson
Principal, Bright Corporate Law
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About David Jacobson
The information contained in this article is not legal advice. It is not to be relied upon as a full statement of the law. You should seek professional advice for your specific needs and circumstances before acting or relying on any of the content.
