Debate around the Treasury Laws Amendment (2019 Measures No 3) Bill 2019, the omnibus bill containing the FASEA extension legislation, resumed in the Senate late yesterday but was adjourned.
The bill had moved to the House of Representatives earlier on Monday, following an amendment proposed by Centre Alliance senator Rex Patrick on Friday that was accepted by Labor, the Greens and One Nation.
However, the government stood by its opposition to Mr Patrick’s amendment, which relates to grandfathered large proprietary companies being included in ASIC’s reporting regime, and the amended bill was rejected by the lower house.
In Friday’s Senate debate, Assistant Minister for Superannuation, Financial Services and Fintech Jane Hume said the government would deal with the grandfathering provisions raised by Mr Patrick separately as part of its response to a Senate committee report on tax avoidance.
The bill is listed first on the notice paper for today’s Senate sitting, which begins at midday.
Assistant Minister for Finance, Charities and Electoral Matters Zed Seselja has moved a motion that the Senate should not insist on the amendment that was rejected by the House on Monday.
However, the motion looks unlikely to succeed, with Mr Patrick having confirmed to AIOFP executive director Peter Johnston on Monday that he would insist on the amendment if the bill returned to the Senate.
As the House cannot force the Senate to vote again on the original bill, it is likely to be sacrificed.
I have passed the exam, have my education 99% sorted and run a great business but there’s no way I plan on hanging around long term. This industry has moved way outside my risk profile and I’m tired of working 12-14 hour days to keep on top of all the “stuff”. If this extension is not passed I’m concerned my dealer group will not survive if 70% of it’s advisers have not yet passed.
The Govt threw FASEA in with a dozen unrelated issues in an Omnibus Bill. Patrick added his bit on transparency-he could do that because of the nature of the Bill. Today the Govt plus Hanson voted against their own Bill. If the Govt was serious about advisers that could extend the deadline with a FASEA only Bill. Ducks and drakes !!
The biggest mystery to me is why so many advisers have difficulty with this ethics exam? It is not that difficult. Read RG175 in detail and you are mostly there. Much of the rest is the practice exams – even the few examples in the explanatory memorandum are helpful – and you should be done.
Where is the difficulty?
Agree. Just sit the exam, get it over & done with if you want to stay in the industry
Having done the test as a pure risk specialist i found it hard. There were only 2 or 3 questions related to risk and the majority of it was financial planning related. I also completed the FASEA online test and the TAL masterclass. I scored high on my HSC (albeit 15 years ago) so don’t consider myself an idiot but this exam was not what i expected.
Why the hell would you still be a financial adviser?… This industry is beyond a joke now.
I’m a university lecturer and anyone that asks me about this joke of an industry I tell them to run as far the other way as they can
You sound incredibly professional. But at the bottom academic rung then, not even good enough to be promoted to Professor hey? With all that sadness & bitterness, maybe a new career beckons so the next generation doesn’t get pulled into your depressing vortex?
An industry bias, a disgrace the whole thing.
Ethics exam ? What a joke why aren’t politician’s subject to a similar load of rot.
Or every occupation???
Ethics are ethics you’re a crook or you’re not?
Just move on mate like 70% of the other smart ones that have already realized this is a zero sum game for advisers vs the lawyers. Good luck to all those that have wasted their time so far doing all the dodgy courses and exam, you will need plenty of it. You will sink deeper and deeper into the legal/compliance quick sand. This is only the wading pool you are in.
Retirement has come early for the people hanging on until the last minute then to just leave the industry. You’ve had 12 months already, no sympathy at all. Commissions will be gone and the first wave of uneducated exits. Really turning into a buyers market and not at a pre-dated multiple. Supply and demand and there will be a lot of supply!!
I think you mean a lot of demand and not a lot of supply. why do so many advisers have such a “I’ve done the exam if you haven’t – I have no sympathy for you”?
because they miss the big picture and have self inflated ego’s
It will go through today. Mark my words IFA
It just got voted down a few minutes ago and so the bill wont become law now. Not a very good call.
I take that back…. 🙁 Damn Malcolm Roberts backflip. At least Pauline back us
The government is only three votes short. Surely Hume has been in constant discussions with Lambie and Hanson regarding this bill to force a 39-37 majority.
So they aren’t going to put EVERYTHING on hold until all ministers complete their ETHICS course and redo their degrees since ALL politicians CANNOT be TRUSTED as shown on 60 minutes….
Jane Hume cannot deliver on what she promised…is that Fee for No Service?