FASEA - what CAs need to know

FASEA has announced recognition of the CA qualification as prior learning under the new reforms.

In brief

  • FASEA has announced recognition of the CA qualification as prior learning under the new reforms.
  • Advisers who have completed coursework to attain the Chartered Accountant designation since 1972 have been awarded one credit for recognition of prior learning
  • 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

FASEA update – 18 July 2019

After months of deliberation, the Financial Adviser Standards and Ethics Authority (FASEA) has announced on 18 July 2019 that the Chartered Accountants Australia and New Zealand’s (CA ANZ) CA qualification will be partially recognised as prior learning under the new reforms.

Following numerous member consultations, industry forums, meetings, submissions and discussions with FASEA over the past eighteen months, we are pleased they have recognised the CA Program since 1972 when it became a requirement for CAs to complete a degree plus post graduate studies.

We have continually advocated that Chartered Accountants have a long history of understanding the need for high education standards, ongoing CPD as well as strict adherence to our Code of Ethics.

Advisers who have completed coursework to attain the Chartered Accountant designation in or after 1972 have been awarded one credit for recognition of prior learning.

We will continue working with FASEA to clarify what studies will count for further credits.

Media Release

Response to FASEA’s announcement on recognition of the CA designation

Read media release

Education pathways

FASEA’s decision to award one recognition of prior learning (RPL) credit to Chartered Accountants who have completed the CA program since 1972 means that CAs will be required to complete the Ethics bridging course plus one other FASEA bridging course or a FASEA approved capstone unit – a maximum of two courses.

As outlined above, 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.”

In the interim, we are also working to identify education providers to provide quality bridging course studies to our members. 

Exam

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)

Following FASEA’s announcement on 18 July 2019, CA ANZ is making further enquiries about how FASEA will now consider the foreign qualifications of our members. We will advise members as more information becomes available.

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. 

Next steps

  • CA ANZ will continue to work hard with, and alongside FASEA to lift standards, and the next step is to continue to engage with them to clarify what studies will count for further credits.”
  • CA ANZ is working to to identify education providers to provide quality bridging course studies to our members. We will advise members of our recommendations via this webpage and via our e-mail alerts in due course. 

In the media

FASEA is now the law

Do you know what this means for you as a CA?

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Advocacy

Read about our response to FASEA standards, our position on each standards and what has been in the news.

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Submissions

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.

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