MetLife chief executive Richard Nunn said the passage of the bill through both houses of Parliament earlier on Wednesday showed that political parties had taken on adviser concerns.
“MetLife welcomes the news that [federal] parliamentarians have listened to the adviser community about the challenges in meeting these timeframes,” Mr Nunn said.
“These challenges were heightened by the COVID-19 pandemic. We are also pleased that these changes received bipartisan support.”
The insurer said it was running seminars and webinars to help advisers sitting the FASEA exam.
MetLife also welcomed clarifications contained in the omnibus bill that addressed technical issues in the government’s Protecting Your Super reforms, which remove insurance for low-balance, inactive super accounts. The amendments related to specifics around how an inactive account was defined.
The passage of the bill ended a protracted period of parliamentary deadlock around the legislation, which had had amendments added first by Labor and then the Centre Alliance that the government would not support.
Centre Alliance senator Rex Patrick withdrew his amendment relating to grandfathered large proprietary companies on Wednesday morning, allowing the bill to finally pass through both houses of Parliament.
An extension is one thing but the exam and the way it is orchestrated is a problem that needs to be addressed. I sat for the exam last week. I found it very challenging, the tested scenarios against which the regs were placed were largely unfamiliar to me and were for the most part, not situations I had considered in my preparation beforehand. Therein lies the frustration felt by many. There was a speech made in parliament on June 12 by senator Bilyk. The senator drew attention to clear shortcomings in the process.
An adviser who fails the pass/fail evaluation has no idea of where they need to concentrate their attention before attempting to re-sit. Even an adviser who ‘passes’ has no confirmation of where their strengths and/or weaknesses may lie.
Where are all the “thank you”s from advisers??? Is complaining all you can do?
They are on LinkedIn Philip…
clowns!