More FASEA consultation predicted
The Financial Adviser Standards and Ethics Authority (FASEA) will need to take on board feedback from the financial services and planning industry and move to further consultation around education pathways, according to the Association of Financial Advisers (AFA).
Releasing its submission to FASEA on the proposed education standards, the AFA said it had received an indication from FASEA that it would be looking to consult again in October and November before the standards are finalised and issued in the form of a Legislated Instrument in December.
The AFA also suggested that it would most likely take some time for the approved bridging courses and Graduate Diplomas to be made available for financial advisers to commence.
The AFA said it had compiled its submission to FASEA on the learnings extracted from its member survey, which had “highlighted the exposure that our profession has to the potential loss of many advisers (particularly experienced older advisers) and provided justification for our recommended changes”.
It listed the submission’s key recommendations as including:
- An improved broader definition of a related degree.
- A more streamlined bridging course.
- Additional options for advisers with a professional designation.
- An option for experienced older advisers that more adequately recognises the value of their experience.
- Greater flexibility in the required courses to meet the needs of different specialists.
- A delay in some of the deadlines to better allow for the requirements before sitting the exam and completing the required study.
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