What the UK advice reforms say about FASEA

Alex Burke,  Senior Writer,  No More Practice Education

When the Financial Conduct Authority-mandated professional standards reforms for UK advisers kicked in in 2013, Citrus Financial managing director and principal financial adviser David Braithwaite considered leaving the industry.

The amount of work involved, coupled with the fact that he didn’t do too well in school and “hated exams,” made him extremely wary about keeping up with the FCA’s new regime. Plus, there was the issue of being told what to do – a resentment he believes resonates a lot with Australian advisers now contending with FASEA.

 

No one likes being told what to do

“Frankly,” he says, “I don’t think a problem with the idea of having standards raised. What they don’t like is being told what to do with their own business. And if they’ve been trading for years and haven’t had any complaints, running a tight practice and doing everything right by their clients, there’s a definite resentment when someone

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