- FASEA has released several Legislative Instruments that are now law
- These affect all CAs who provide personal financial advice under an AFSL – limited or full
- CA ANZ has applied to FASEA to have the CA Program approved as study towards a professional designation. If approved, CAs will be required to do only one bridging subject
Financial advice industry update - 3 June 2019
The Financial Adviser Standards and Ethics Authority (FASEA) reforms that became law on 1 January 2019 continue to be rolled out to the industry. Many of these are difficult for members to embrace as the fate of our education submissions is yet to be determined, and this decision feeds into many of the next steps to the reforms.
We are regularly in contact with FASEA and understand we will be advised of their decision on CA ANZ’s application for recognition of the CA designation in mid-June.
This decision is critical for all members, as the number of further areas of study required – whether that be one subject or four or anything in between – impacts on many other FASEA requirements.
We suggest you hold off on enrolling in any further areas of study until FASEA’s decision is known, and we will advise you of this outcome as soon as it is made available.
Regardless of the outcome of the education decision, all members who were on the Financial Adviser Register (FAR) as at 31st December 2018 and wish to provide personal advice to retail clients post 31 December 2020 are required to complete FASEA’s exam. FASEA has published a practice exam case study and questions that can be found on their website and we have been advised that more questions are soon to be released.
CA ANZ is currently working on the development of an exam preparation course and will advise members of the best course of action to take as more detailed information comes to hand.
Foreign Qualifications (FQs)
FASEA has also recently released further information about foreign qualifications. For those of you with FQs, please watch this space for next steps. At present, you need to sit tight until we hear from FASEA regarding our education application.
Assessment of FASEA CPD hours
We are working with CA ANZ’s Education team to implement FASEA CPD hour guidelines to be added to relevant CA ANZ CPD activities. In addition, we have been in contact with FASEA to see how we can assist those members with their own AFSL to assess hours as this is now a FASEA requirement.
- All members who were on the Financial Adviser Register (FAR) as at 31st December 2018 and wish to provide personal advice to retail clients post 31 December 2020 are required to complete FASEA’s exam.
- CA ANZ is currently working on the development of an exam preparation course to assist members.
- We are also working to add FASEA CPD hour guidelines to relevant CA ANZ CPD activities.
- From 1 January 2019 you need to check and confirm the use of the terms financial planner and financial adviser are restricted within the law to those authorised to provide financial adviser and listed on the ASIC register. If a person claims to be a financial planner or financial adviser without having the appropriate qualifications to do so, they will be breaking the law.
FASEA is now the law
Do you know what this means for you as a CA?Find out more
Read about our response to FASEA standards, our position on each standards and what has been in the news.Find out more
Download and view all the submissions that Chartered Accountants ANZ have lodged with FASEA during the consultation period.View full submissions
Join the Financial Advisory group on my CA
Join the discussion and stay up to date with what you need to know and what action you need to take on the FASEA developments.Join the group