Academic and FASEA board member Mark Brimble has responded to suggestions that the independent advice movement is under-represented on the government body.
Last week, ifa reported that a number of members within the independent and non-aligned advice community have raised concerns that the FASEA board unveiled by the federal government in April is not able to properly represent their interests due to ties with the financial institutions.
While former FPA chair Matthew Rowe and former AFA president Deborah Kent – the two FASEA members representing the “industry” within the board’s membership – both declined to comment, fellow board member Mark Brimble told ifa that critics misunderstand the body’s intent.
Dr Brimble said that there's “probably a range of elements of the sector that say they’re not represented”, but said the point of FASEA is not to advocate or represent for the industry’s interests.
“The legislation that formed the board has pretty specific categories of backgrounds that the board directors meet – there’s the one ethicist, the one academic, the three consumer representatives and the three from the industry and the chair,” he explained.
“While it doesn't leave scope for every particular machination of the industry to be represented, I don't think it was the government's intention for the board to be a representative working party that had lots and lots of people on there.”
Adviser Chris Morcom of Hewison Private Wealth described Dr Brimble as a “pre-eminent educator” and said the Griffith University academic has a “wealth of experience that can be leveraged by the board”.
SUBSCRIBE TO THE IFA DAILY BULLETIN
- 18 Aug 2017ASIC permanently bans former AMP adviserBy Staff Reporter
- 18 Aug 2017IRESS announces first half resultsBy Jessica Yun
- 18 Aug 2017Banks the key to closing advice gap, Tria saysBy Larissa Waterson
- 18 Aug 2017Adviser ethics certification launchedBy Staff Reporter
- 18 Aug 2017Banks evade FOFA, industry funds claimBy Larissa Waterson
- 16 Aug 2017UBS appoints head of wholesale distributionBy Staff Reporter
- view all