WSU helps graduates meet FASEA changes
Western Sydney University (WSU) has become the first institution in Australia to provide a fully accredited Graduate Diploma in financial planning, ensuring graduates would meet the new Government requirements set up by the Financial Adviser Standards and Ethics Authority (FASEA).
The diploma is off the back of legislation passed in early 2017, which required new financial advisers to have a degree by 2019 and existing financial advisers to get these qualifications by 2024.
Associate professor of WSU School of Business, Sharon Taylor, said while the University welcomed the Government changes, it understands the difficulty for current workers to drop their careers and return to study to meet these requirements.
She said the Graduate Diploma would help graduates “get the qualifications they need, without having to pause their careers.”
The Graduate Diploma features a ‘challenge exam’, which allowed people with existing knowledge and experience to accelerate the course by sitting challenge assessments on a quarterly basis without having to complete a full unit of work.
Students could apply for up to four of these exams, and academic credit from previous study could also be recognised.
“This course ensures graduates meet legislative requirements, it also aids in continuing professional development,” said Taylor. “We believe it’s time to start now, and if students take advantage of our ‘challenge exam’ format, they could gradate with the Graduate Diploma within one year.”
Recommended for you
ASIC data shows the number of smaller AFSLs with less than $50 million in revenue has increased by 25 per cent in the past year, but the regulator believes they are still under reporting breaches.
Former financial adviser and Coalition backbencher Bert van Manen has introduced a bill in Parliament, building on Michelle Levy’s good advice duty and calling for SOAs to be scrapped.
Following its recent partnership with Otivo, Colonial First State has now announced an arrangement with Viridian Advisory to offer unadvised members with one-off, topic-based financial advice.
Insignia Financial has made four appointments, including three who have joined from TAL, to lead strategy and innovation in its retirement solutions for the MLC brand.