FASEA fleshes out degree requirements
The Financial Adviser Standards and Ethics Authority (FASEA) has released a key element of its regime – the degree and other qualifications requirements for new entrants to financial planning and existing advisers.
FASEA is proposing the maximum requirements for a New Entrant will be an approved bachelor’s degree (AQF7) of 24 subjects; and for an Existing Adviser will be a Graduate Diploma of 8 subjects.
The authority said the minimum requirements for a New Entrant would be an approved Graduate Diploma (AQF8) of 8 subjects and for an Existing Adviser would be one subject being FASEA’s Bridging Course – The FASEA Code of Ethics and Code Monitoring Bodies – for those with a FASEA approved Bachelor or Master degree.
The outline was contained in the initial Legislative Instrument released late yesterday which was the result of consultation between March and June.
The FASEA documentation outlines the process for degree and course approval.
The announcement said that FASEA proposes a revised set of education pathways for new entrants and existing advisers including a further defined recognition of prior learning (RPL) framework for existing advisers.
It said the documentation provided guidance around the course credits that would be available for the Advanced Diploma of Financial Planning (including the historical eight course Diploma of Financial Planning – “DFP 1-8”) and coursework undertaken for industry designations such as the FPA’s 5 unit Certified Financial Planner designation or the AFA’s Fellow Chartered Financial Planner designation, which together with other relevant designations would be considered for approval by FASEA.
The announcement said recognition of prior learning [RPL] would be available for the eight subject graduate diploma as well as bridging courses on the Corporations Act and Behavioural Finance, Client and Consumer Behaviour and RPL would also be available for the new entrant pathway as per the policies of approved education providers for both the bachelor degree and graduate diploma programs.
It said FASEA was issuing an initial Legislative Instrument in respect of historical and current bachelor degrees, graduate diplomas and master degrees that had been approved and that future Legislative Instruments would add new degrees, equivalent qualifications, bridging courses and approved coursework to obtain a designation.
“FASEA will continue to assess education for approval as applications are received,” it said.
Recommended for you
Sequoia Financial Group has declined by five financial advisers in the past week, four of whom have opened up a new AFSL, according to Wealth Data.
Insignia Financial chief executive Scott Hartley has detailed whether the firm will be selecting an exclusive bidder for the second phase of due diligence as it awaits revised bids from three private equity players.
Insignia Financial has reported a statutory net loss after tax of $17 million in its first half results, although the firm has noted cost optimisation means this is an improvement from a $50 million loss last year.
With alternative funds being described as “impossible” for fund managers to target towards advisers without the support of BDMs for education, Money Management explores the evolving nature of the distribution role.
