FASEA requirements for aged careBY ASSYAT DAVID | VOLUME 15, ISSUE 2 The Financial Adviser Standards and Ethics Authority (FASEA) standards that came into effect from 1 January 2020 are compulsory for all financial advisers who provide financial ... Get articles like this delivered to your email - Sign up for the free weekly newsletter  More Articles |
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MAGDELINE JACOVIDES
FOUNDER & FINANCIAL PLANNER
MAZI WEALTH
FOUNDER & FINANCIAL PLANNER
MAZI WEALTH
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I afraid FASEA will be hitting the wall of pain shortly when Advisers provide every client with a scaled advice statement at the start of the first interview. Notwithstanding the left wing socialist lawyers in FASEA who want their code to over-ride the Corporations Act and replace ASIC as the regulator, the legal position will be clear for the client.
"If you wish me to provide advice these are the boundaries. If you want me to consider Aged Care then the price will be $xxxx more. What is your decision?" If you do not want me to and sign off on that I will not.
Next FASEA will be asking us to advise on the social distancing policies of clients. I think that the ASIC folk are going to be very shortly out of a job with the advice industry.