The Assistant Treasurer, the Hon Stuart Robert MP, welcomes the release of the details by the Financial Adviser Standards and Ethics Authority (FASEA) of its revised standards framework for financial advisers following stakeholder consultation.
“These standards are an important part of the Morrison Government’s commitment to raising the education, training and ethical standards of financial advisers to improve trust and confidence in the financial advice industry” Mr Robert said.
FASEA opened consultation on the Work and Training Requirement and Provisional Relevant Provider Term Legislative Instruments. Over the coming weeks legislative instruments will be progressively released for each of the standards with explanatory statements and accompanying documentation. Each of these standards will be available for consultation for varying periods between two and four weeks.
Following consultation, FASEA will review all feedback received before finalising the standards. FASEA will then make the legislative instruments, approve the explanatory statement and lodge them with the Office of Parliamentary Council (OPC) for registration on the Federal Register of Legislation.
“I encourage all stakeholders to provide comment to FASEA about these important reforms” Mr Robert said.
Further information is available on FASEA’s website.