14 May 2020

Today, Stephen Jones called for the Senate to prioritise passing a bill to extend FASEA education and exam deadlines when it returns on the 10th of June 2020.


After more than two years of FASEA disasters, including the appointment of three different CEOs in eighteen months, the Government finally acknowledged that advisers would need more time to meet educational standards in August 2019.


It is disappointing that the Government have taken almost nine months to get the necessary legislation to the Senate for a vote.


On Monday night, Labor again confirmed with the Assistant Minister our commitment to support this bill, regardless of the success of Labor’s longstanding amendment.


The Government had an opportunity to finally settle the FASEA timetable extension this this week.


But the Assistant Minister chose to ignore the pleas of financial advisers, and did not list the legislation for debate until Thursday afternoon as the last priority of Government business.  


Passing this legislation remains a priority for Labor, even if it’s far from a priority for the Liberals.


Labor has heard from key industry stakeholders, including the Financial Services Union and the Financial Planning Association, about what this legislation means to ordinary financial advisers.


Australians deserve to be able to access affordable financial advice from a strong and stable advice industry. They need this bill to pass. The Government’s decision to delay a vote is inexplicable.


As Australia returns to work, so should the Senate. Labor welcome the news that Parliament will return for 2 weeks in June.


Labor implore the Government to prioritise this legislation at its next sitting. The financial advice industry deserves that certainty.