FASEA extension bill poised to pass Parliament

Speaking in an FPA members’ webinar on Thursday, Assistant Minister for Superannuation, Financial Services and Financial Technology Jane Hume confirmed the bill, which has passed the House of Representatives and is currently awaiting passage through the Senate, would be addressed by the upper house this week.

In an update to members following the webinar, FPA chief executive Dante De Gori said that as the bill was “listed as non-controversial”, the opposition had agreed to support its passage through the Senate.

“This is such an important industry and the government recognises the potential value of quality professional financial advice,” Ms Hume said. 

“We want as many Australians as possible to access quality professional advice when they need it the most.”

Ms Hume said members of the advice community had been “fundamental” in making sure the government’s COVID-19 stimulus measures were running smoothly to help people in times of need.

Mr De Gori said the association welcomed the opportunity to work with government around the “overarching objective” of improving access to affordable and professional financial advice.

The news comes following an ifa poll of over 450 advisers in which 37 per cent said the urgent passage of the bill was the most important thing the government could do to support practitioners through the current crisis.