THE Financial Adviser Standards and Ethics Authority (FASEA) issued a Summary of Standards for the professional standards framework for financial advisers at 7:30pm on Friday November 16, 2018, as well as two draft legislative instruments.

The Summary of Standards provides an overview of the key parameters for each of the standards which will be reflected in the forthcoming legislative instruments and associated documentation.

The Financial Planning Association of Australia (FPA) is now working through the detail and these FASEA developments will be the focus of an FPA Board meeting taking place on Wednesday November 21 in the morning before the start of the 2018 FPA Professionals Congress that afternoon.

The FPA is keenly aware of the many questions and concerns of its membership, the public, and the financial planning profession about the implications of this latest update, and is applying the necessary time and resources to a considered response.

"We will not be commenting in detail on this latest FASEA update until the right people and the FPA Board specifically has given it due priority attention," FPA CEO Dante De Gori, CPF said.

"What I can say is that one of our major priorities is to ensure that further detail is sought from FASEA regarding the practical operation of the proposed Recognition of Prior Learning (RPL) and what study/courses will be included in this process. There are more questions that naturally arise out of this Summary of Standards, and we're working closely with FASEA and our members to advocate for what we believe are the right answers, in due course."

Stephen Glenfield, CEO of FASEA, will be addressing delegates at the FPA Professionals Congress at ICC Sydney on Thursday morning November 22 and is expected to share more details of the announcement with those already registered to attend the event.

Following this, FPA Head of Policy and Standards, Ben Marshan CFP will run a Congress workshop at
10:30am titled FASEA: The new standards explained.

Over the coming weeks, FASEA will continue to release the legislative instruments for each of the standards. The two already announced are:
● Provisional Relevant Provider Expression Legislative Instrument
● Work and Training (Professional Year) Legislative Instrument.

There will be a very short consultation period for each legislative instrument, before FASEA then finalises each. The FPA is working closely, actively and with full advocacy for the interests of the Australian public, and current and future financial planning professionals. 

About the FPA
The Financial Planning Association of Australia (FPA) represents the interests of the public and Australia’s professional community of financial planners. The Association is unrivalled in its reach of the financial planning market, influence on government and regulators, standards set through a world-class Code of Professional Practice, unique position as the certification body in Australia for the global CFP® designation, and reputation for quality professional development. With a growing membership of more than 14,000 members and affiliates, the FPA is home to Australia’s 5,700 CFP professionals. Building on a 20 plus year legacy, the FPA represents the changing face of the financial planning profession.

For more information, visit www.fpa.com.au

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FOLLOWING the sentencing of former tax agent Mr Md Zahidul Kabir to five years’ jail for fraud and money-laundering in the Sydney District Court this week, the Tax Practitioners Board (TPB) has confirmed it terminated his registration on October 15 this year.

Mr Kabir was found guilty of fraud and money-laundering offences to the value of around $100,000. The TPB terminated Mr Kabir’s registration based on information provided by the Australian Federal Police and the Commonwealth Director of Public Prosecutions, and his guilty plea to the offences.

He has been disqualified from practising as a tax agent and may not re-apply for registration for five years.

In the wake of the Kabir hearing, the TPB Chair, Ian Taylor, said the TPB has been pursuing the case for the former tax agent’s termination.

"The termination of Mr Kabir’s registration, before the sentence was handed down by the Sydney District Court, is evidence of the effectiveness of compliance monitoring undertaken by the TPB," Mr Taylor said.

About the Tax Practitioners Board:

The Tax Practitioners Board regulates tax practitioners in order to protect consumers. The TPB aims to assure the community that tax practitioners meet appropriate standards of professional and ethical conduct. Follow on Twitter @TPB_gov_au and LinkedIn

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THE Joint Standing Committee on Electoral Matters will hold a public hearing on cyber interference in elections. The hearing is part of the Committee’s inquiry into the 2016 Federal Election.

”Although there has been no evidence of cyber manipulation or ‘fake news’ interference in Australia’s elections to date, from international events, it is important that the Electoral Matters Committee takes the initiative and is at the forefront of investigating ways to tackle this issue before it is of concern to future elections in Australia,” said Committee chair, Senator James McGrath.

The Committee will hear from a range of experts on the use of intentional dissemination of disinformation and micro targeting to influence voters; the use of data harvesting by social media platforms and associated apps and measures to bring more transparency to social media, particularly during elections.

”This Committee is just one of many parliamentary committees around the world grappling with this issue. The Committee is watching events in other jurisdictions closely and will be making recommendations in its final report aimed at safeguarding the integrity of Australia’s electoral system,” Senator McGrath said.

Public Hearing Details: 9:00am – 12:00pm, Tuesday, 20 November, Committee Room 2R1, Parliament House, Canberra.

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THE Financial Planning Association of Australia (FPA) is delighted to confirm Stephen Glenfield, CEO of the Financial Adviser Standards and Ethics Authority (FASEA), is addressing delegates at the FPA Professionals Congress at the International Convention Centre (ICC) on Thursday 22 November 2018 from 9am.

Notably, it will be his first public address since assuming the post of FASEA CEO in June. Mr Glenfield will be on stage to discuss the upcoming changes to the education and professional standards framework for financial planners.

Commenting on Mr Glenfield’s choice to make his first public address at the FPA Congress, FPA CEO, Dante De Gori CFP® said: “This is a powerful opportunity for delegates to hear direct from the CEO of FASEA for the first time about issues we know are weighing on their minds, such as mandatory education and training requirements, financial planner examination, and the formation of a code of ethics for all advisers.

“As we prepare for FASEA to announce the final professional and education standards framework, one thing is for sure – the financial planning profession is at a pivotal moment. We look forward to Mr Glenfield providing more clarity on the new standards, so we can work together to the advantage of all Australians."

The FPA has previously published a summary of its key recommendations for each area of the FASEA framework, and has also made copies of its full submissions available on the FPA website. As FASEA begins to confirm each of the standards for the adviser framework, the FPA is focused on developing resources for members to help them navigate the new landscape. 

About the FPA

The Financial Planning Association of Australia (FPA) represents the interests of the public and Australia’s professional community of financial planners. The Association is unrivalled in its reach of the financial planning market, influence on government and regulators, standards set through a world-class Code of Professional Practice, unique position as the certification body in Australia for the global CFP® designation, and reputation for quality professional development. With a growing membership of more than 14,000 members and affiliates, the FPA is home to Australia’s 5,700 CFP professionals. Building on a 20 plus year legacy, the FPA represents the changing face of the financial planning profession. For more information, visit www.fpa.com.au

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