Stephen Glenfield has been appointed as chief executive and will take up his position on 1 August 2018, following the departure of Dr Deen Sanders to Deloitte earlier this year.
Mr Glenfield, who was most recently a general manger with the Australian Prudential Regulation Authority (APRA), is a member of CA ANZ, and had previously worked with KPMG, the International Organisation of Pension Supervisors, and the Victorian Financial Institution Commission.
Dr Mark Brimble will continue to act as FASEA’s interim managing director until Mr Glenfield assumes his new role.
“I thank the FASEA board for the opportunity to lead this pivotal organisation with a clear remit to act upon and implement the federal government’s objectives under the legislation,” said Mr Glenfield.
“I anticipate working collaboratively with a diverse range of stakeholders as we prepare for the critical rollout phase of the standards authority’s work program.”
Mr Glenfield’s appointment comes amid debate and backlash from the accounting industry regarding incoming education requirements, which will mandate further education for accountants providing financial advice, including those with postgraduate qualifications.
According to FASEA, existing advisers with unrelated degrees will have to complete an approved graduate diploma by no later than 1 January 2024, while advisers with related degrees will have to take up three subjects as part of a bridging course by the same timeline.
Existing advisers with a related degree and related postgraduate qualification will have to complete one subject – FASEA’s code of ethics – by no later than 1 January 2024.
FASEA chair Catherine Walter said Mr Glenfield’s extensive expertise in financial services regulation and measured leadership style would strengthen FASEA’s capacity to implement a well-considered rollout of higher educational and ethical standards for Australian financial advisers.
“On behalf of the board, the standards authority welcomes Mr Glenfield to the role of CEO. Stephen is ideally suited to lead the authority, and to engage with consumer, government and industry stakeholders to ensure we achieve the required successful outcomes,” said Ms Walter.
“Stephen brings in-depth knowledge of financial system regulation, strong communication skills and a strategic mindset. The board expects that Stephen’s stewardship will augment and build upon our existing work in establishing a robust standards framework.”