Date posted: 21/02/2018 2 min read

Financial Adviser Standards and Ethics Authority – Australia

Consultation on FASEA’s proposed guidance on education qualification pathways for existing advisers

In Brief

  • FASEA is expected to release its proposed education guidance consultation framework in early 2018.
  • CA ANZ will contribute to the consultation and advocate strongly with FASEA on behalf of members.
  • Members are encouraged to provide feedback on the proposed guidance.

On 14 December 2017 the Financial Adviser Standards and Ethics Authority (FASEA) announced its proposed guidance on education qualification pathways for existing financial advisers.

What are the proposed requirements?

FASEA’s draft guidance proposes that existing financial advisers:

  • have already satisfied the Education Standard requirement if they hold an approved qualification (one that is on the FASEA/ Financial Planning Education Council (FPEC) approved register); or
  • have completed, by 1 January 2024, an AQF 7 bachelor degree qualification that is an approved qualification (on the FASEA/ FPEC approved register); or
  • have completed, by 1 January 2024, a course that offers at least 8 units/courses, at AQF level 8, covering fields that include:
    • ethics, professional attitudes and behaviours
    • financial planning and advice process
    • technical requirements

It is important to note that the proposed guidance will be open to consultation, and is not a definitive solution for every individual adviser.

FASEA is expected to release its consultation framework in early 2018 to seek feedback from stakeholders, with the consultation period open until 29 June 2018. 

How will we support members?

Chartered Accountants ANZ has been proactively seeking feedback from members on the proposed education guidance and will advocate strongly on behalf of members with FASEA once the consultation framework is released. 

Recognition of Prior Learning as well as possible Approved Bridging Courses are being explored to assist members to meet their education requirements. 

We have held initial meetings with our education team and external education providers to determine how we can assist members with education pathways and resources, should they be necessary.

Further updates will continue to be provided through our Financial Services, Superannuation and Insight Newsletters.

In the meantime we encourage members to provide your feedback or questions to our Financial Services Team.

Consultation

Members are encouraged to provide feedback on the proposed guidance.

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