- FASEA’s mandate is to raise the educational, training and ethical standards of financial advisers.
- This includes establishing mandatory educational and training requirements for advisers.
- FASEA should recognise the hard work CAs do to gain and maintain their qualifications.
Advocacy - our response to FASEA standards
FASEA has released its Summary of Standards for the professional standards framework for financial advisers. These will impact all members who hold or operate under an AFS licence – limited or full.
Chartered Accountants ANZ has been an active participant in the consultation process and made submissions to FASEA on each of the seven standards. FASEA has now released draft legislation for six of the seven standards with the remainder to be released in due course. These consultations are now open have a much shorter turnaround (two - four weeks) than the first set of releases before they are then finalised by FASEA. Chartered Accountants ANZ is now working on a second round of submissions.
We are now working through the information that has been released and will be making further submissions to FASEA on behalf of members during this consultation period for those both working in traditional financial planning as well as other licensed areas of practice.
Chartered Accountants ANZ’s position:
- Members who have completed the CA program post 1972 have already been assessed as having relevant qualifications (at a subject level) to enter the CA program. Chartered Accountants ANZ believes these will align with FASEA’s 8 subjects required to have a ‘relevant’ degree.
- The CA program is a TEQSA approved Graduate Diploma course at AQF8 level. Chartered Accountants ANZ will complete an application process to have the CA program approved under the ‘existing adviser with approved Graduate Diploma’ category.
- The further education required for advisers in the category described in (2) above is one subject - being the FASEA Code of Ethics - and needs to be completed by 1st January 2024. Chartered Accountants ANZ will look into whether a ‘top-up’ of our existing Code of Ethics subject required in the CA program is possible.
Other standards – what you need to know:
- The recommendations we made to FASEA around the exam have been largely accepted. The exam is enshrined in law, so there is no chance it not being applicable to our members
- Foreign qualifications assessed by Chartered Accountants ANZ will be accepted by FASEA and
- From 1 January 2020, advisers will be required to company with a Code of Ethics covered by an ASIC-approved compliance scheme. Chartered Accountants ANZ has lodged an expression of interest with ASIC to establish a Code Monitoring Body.
Download and view all the submissions that Chartered Accountants ANZ have lodged with FASEA during the consultation period.View full submissions
In the News
Chartered Accountants ANZ media coverage of the FASEA issue.
- Accountants Daily: CA ANZ backs latest round of education changes – 26 November 2018
- SMSF Adviser: CA ANZ optimistic after latest round of FASEA guidance – 26 November 2018
- SMSF magazine: CA ANZ pleased with FASEA requirements – 26 November 2018
- Accountants Daily : CA ANZ urges rethink on FASEA’s ‘study for study’s sake’ - 6 November 2018
- SMSF Magazine: Professional advisers meet most FASEA elements - 5 November 2018
- SMSF Adviser – FASEA standards inflicting ‘study for study’s sake’ on accountants – 2 November 2018
- Accountants Daily: Accountants urged to jump on advice ‘sleeper issue’ - 8 October 2018