Labor blasts FASEA delay

Shadow minister for financial services Stephen Jones has called on the senate to prioritise passing a bill to extend FASEA education and exam deadlines when it returns on 10 June 2020.

“After more than two years of FASEA disasters, including the appointment of three different CEOs in 18 months, the government finally acknowledged that advisers would need more time to meet educational standards in August 2019,” Mr Jones said in a statement. “It is disappointing that the government have taken almost nine months to get the necessary legislation to the Senate for a vote.”

Labor has confirmed its commitment to support the bill, regardless of the success of its amendment. The government did not settle the FASEA timetable extension when it returned last week and did not list the legislation for debate until Thursday afternoon – something Mr Jones said was a choice to “ignore the pleas of financial advisers”.

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

The FSU has previously called for unity from both the Liberal and Labor parties in order to get the bill passed.

“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,” said FSU assistant national secretary Nathan Rees.

“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.”