FASEA Standards Newsletter (JANUARY 2021 Edition)

In the JANUARY 2021 Edition of our FASEA Standards Newsletter, we discuss:

FASEA Exam:  NOVEMBER 2020 Exam Results & Analysis

89.5% of Financial Advisers have PASSED Exam
Over 12,573 advisers have sat the exam with almost 90% demonstrating the knowledge of advice construction, ethics & legal requirements examined.

Regulations:  FASEA to be ‘disbanded’

Regulatory Framework to be Simplified
FASEA will be wound up and its function split between the Financial Services and Credit Panel (FSCP) within ASIC, & its standard-making functions moving to Treasury. 

RG246 UPDATED:  End of GRANDFATHERED COMMISSIONS

ASIC releases technical updates to RG246
The end of grandfathered commissions – product issuers must rebate to clients all previously grandfathered benefits (commissions) that they remain legally obliged to pay on or after 1 January 2021.

Read the full FASEA Standards Newsletter (JANUARY 2021 Edition)