AFA News 22 May 2020. Yesterday the Federal Treasurer announced the banning of stamping fees for Listed Investment Companies and Trusts. We do not believe that stamping fees are a relevant factor for the vast majority of financial advisers, however, as we saw from what happened in the Federal Parliament last week, this was the issue that appeared to prevent the passing of the legislation to provide an extension to the deadlines for the FASEA exam and education standard.
We support the Government’s decision on stamping fees and the outcome reflects our submission to the Government as part of the consultation on this issue in February.
The Treasurer’s announcement should ensure that the amendment to the Bill that was proposed by Labor, is no longer required. We have confirmed with the Office of Stephen Jones, the Shadow Minister for Financial Services, that the amendment will be withdrawn, and therefore failing any other unforeseen circumstances, the Bill should now pass without issue when the Parliament returns from 10 June 2020.
The Assistant Minster for Superannuation, Financial Services and Technology Senator Jane Hume has also called for the Bill to be passed as soon as practicable.
We are therefore, cautiously optimistic that this matter will finally be resolved in a few weeks’ time. This will be an important outcome for the financial advice profession during the COVID 19 crisis, and provides advisers with much needed certainty around the timeframe for the completion of the exam and education requirements.
We will continue to advocate for the passing of this Bill and actively monitor this issue as we approach the next sitting in June.
Of course, we encourage all advisers to continue their education journey and if prepared, to sit the exam as soon as practicable.
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