Deen Sanders, a well-known figure in Australia’s financial advisory industry who last August was named chief executive of the recently-created Australian Financial Adviser Standards and Ethics Authority, has stepped down from that position, the FASEA has announced.
Succeeding him as acting managing director of FASEA will be Griffith University professor Mark Brimble, beginning on 23 April, according to a statement on the FASEA’s website.
Dr Brimble “will lead FASEA in an acting MD role as it moves closer to the implementation phase of its process – and executing the ‘feedback and build’ stage of the work programme,” the statement adds.
FASEA chairperson Catherine Walter said in the statement that she spoke on behalf of the organisation’s board in expressing confidence that “Dr Brimble’s acting managing directorship will help us to build on the platform designed by standards expert Dr Sanders, and enable the board to recruit a suitably qualified chief executive officer for the next important phase”.
To this end the board has retained an executive search firm, Egon Zehnder, the FASEA statement said.
Dr Brimble, a professor of finance and financial planning, stood down from his previous role as chair of the Financial Planning Association’s (FPA) Financial Planning Education Council in February.
As reported, the FASEA was created by Australia’s government to establish mandatory education and training requirements for advisers in the country, ahead of the coming into force there on 1 January 2019 of new educational standards for financial advisers.
In particular it was tasked with establishing a bachelor’s degree or equivalent qualifications for the advisory profession; an exam; professional year requirements; continuing professional development requirements and a code of ethics.
Prior to taking on the role of FASEA CEO, Dr Sanders had held a number of prominent roles in Australia’s financial planning industry, including six years as chief professionalism officer for the FPA. At the time of his appointment last year, he was chief executive and assistant commissioner of the Professional Standards Authority of Australia.