After months of deliberation, the Financial Adviser Standards and Ethics Authority (FASEA) has today announced that the Chartered Accountants Australia and New Zealand’s (CA ANZ) CA qualification will be partially recognised as prior learning under the new reforms.
“Chartered Accountants have long supported raising the standards of financial advice to better serve and protect consumers.”
“This includes numerous member consultations, industry forums, meetings and submissions that we drove and shared the insights with FASEA as we worked together towards a common goal to improve trust and confidence in the community.”
“We agree with Commissioner Kenneth Hayne that for the advice sector the key long term considerations are whether the ‘quality of financial advice has improved, and whether financial advisers are behaving like professionals’.
"It is pleasing that FASEA has recognised the CA Program since 1972 when it became a requirement for Chartered Accountants to complete a degree plus postgraduate studies.
“CA ANZ has a long history of understanding the need for high education standards.
“Having worked hard with, and alongside, FASEA over the last eighteen months to lift standards, the next step is to continue to engage with them to clarify what studies will count for further credits.”
This includes maximum recognition for their completion of a relevant degree, further studies to gain the CA designation as well as studies to enable registration on ASIC’s Financial Adviser Register.
“As trusted advisers, Chartered Accountants, have enjoyed the confidence of Australians over many generations and we consider the greater public interest has not been served by the decision to not wholeheartedly recognise the long hours of rigorous study required to gain and maintain the CA designation,” said Speed.
“Across the country, in local communities and large cities, we are seen as a trusted and educated group of financial professionals who are working every day to serve the interests of mums and dads and local businesses.
“This decision means we could see an exodus of Chartered Accountants from the advice sector which is likely to significantly reduce the overall level of training and expertise in the industry and have the complete opposite effect to FASEA’s goal to raise the standards of financial advice.
“We want to see trust brought back into the system, not trusted advisers leaving it.”
Chartered Accountants have an Australian or New Zealand approved degree at AQF7, a TEQSA approved AQF8 post-graduate qualification, financial planning studies enabling registration on ASIC's Financial Adviser Register, significant continuing professional development obligations, completion of three years mentored training and strict adherence to our Code of Ethics, backed by robust disciplinary processes.
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