Canberra stalemate not good enough

Dear FSU Member,

As an FSU member of the financial planner and adviser community, I am writing to update you on legislation before the Federal Parliament relating to the Financial Adviser Standards and Ethics Authority (FASEA). Here’s how things stand:

  • Plans to extend the qualifying period for FASEA compliance were contained in an omnibus bill presented to the Parliament this week. An omnibus bill generally comprises non-contentious proposed amendments to a range of different acts. The FASEA changes were announced 9 months ago, but the legislation has been introduced this week.
  • The Opposition tabled a proposed amendment to the bill in February.
  • The Government indicated this week that it would not accept the amendment.
  • The bill, at the time of writing, is now paused. Both the Government and the Opposition are blaming each other for the delay.

The Finance Sector Union has today written to the Treasurer, Assistant Treasurer, Minister for Finance and the Opposition Shadow Assistant Treasurer and Shadow Minister for Financial Services urging them to take all necessary steps to pass the bill. It is simply not good enough that your livelihoods and those of your staff are political footballs in the current climate.

We have made it crystal clear that your part of the industry cannot afford further uncertainty, and that this uncertainty will cost jobs if not remedied. Australians are looking for political parties to work together to solve issues, not engage in finger pointing. We will continue to press the Government and Opposition for a resolution on this matter.

We will advise further as discussions continue.

Members are encouraged to express their view directly to:

The Leader of Government Business in the Senate, Minister Cormann:


Mr Stephen Jones MP, Shadow Assistant Treasurer, Shadow Minister for Financial Services:

In Unity,

Nathan Rees
National Assistant Secretary

Authorised by Nathan Rees, National Assistant Secretary