The “political football” facing the FASEA extension

Alex Burke,  Senior Writer,  No More Practice Education

Parliament's inability to pass the FASEA deadline extension bill has been met with criticism from both major parties - albeit for different reasons - and also Financial Services Union assistant national secretary Nathan Rees.

Assistant Minister for Superannuation, Financial Services and Financial Technology Senator Jane Hume argued the delay in passing the bill could be attributed to Labor's decision to attach an amendment to the bill which pertained to banning conflicted remuneration relating to listed investment companies and trusts.

"At a time when access to quality financial advice is so important to Australians," she said, "I am extremely disappointed the passage of this bill has been frustrated by the Labor Party - in little more than a cheap political stunt."

However, according to Shadow Minister for Financial Services Stephen Jones, argued that Labor had confirmed its commitment to support the bill "regardless of the success of Labor's long-standing amendment."

He added: "The Government had an opportunity to finally settle the FASEA timetable extension this week. But the Assistant Minister chose to ignore the pleas of financial advisers, and did not list the legislation for debate until Thursday afternoon as the last priority of Government business.

"Passing this legislation remains a priority for Labor, even if it’s far from a priority for the Liberals."

The FSU's Rees attacked what he saw as "finger-pointing" from both parties, saying "We have made it crystal clear that your part of the industry cannot afford further uncertainty, and that this uncertainty will cost jobs if not remedied."

"Australians are looking for political parties to work together to solve issues," he added.

Because of the delay, the next opportunity for the Senate to pass the bill will be on June 10.


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