October 12, 2018
The Assistant Treasurer, The Hon Stuart Robert MP, has announced that some key industry qualifications will be taken into account by FASEA and counted as credits against the minimum education standards it will require for current financial advisers.
The announcement was made by the Minister on the closing day of the 2018 AFA National Adviser Conference on the Gold Coast, and was greeted with solid support by the audience of advisers, licensees, life company representatives and other industry stakeholders.
Having identified the non-negotiable elements of the FASEA education requirements, the Minister shared with delegates that he had agreed with FASEA the following:
- Existing advisers with no degrees will not be required to undertake a bachelors degree but will be required to undertake eight subjects equivalent to a Graduate Diploma
- Of those eight subjects, advisers who hold an existing Advanced Diploma in Financial Planning will receive two credits out of the eight subjects or credits required
- An additional two subjects will be credited to existing advisers in recognition of the industry education course work conducted to attain the FPA’s CFP qualification or the FChFP qualification provided by the AFA, provided these qualifications were obtained after a certain date
The Minister noted these additional credits …were in recognition of the hard work advisers … have already done
The Minister noted these additional credits for the FPA’s CFP and/or the AFA’s FChFP qualifications were in recognition of the hard work advisers and their Associations have already done in order to achieve those existing accreditations.
For what the Minister referred to as the ‘more wise advisers’ who had already completed advanced diplomas and industry accreditations, he confirmed they will have already met four of the eight mandatory units.
He said the four remaining units will relate to Ethics, the Corporations Act, Behavioural Finance and another subject of the adviser’s choosing.
The Minister also confirmed existing advisers holding a related degree would be required to undertake three bridging courses, as outlined in an earlier release by FASEA, comprising:
- Chapter Seven of the Corporations Act
- The new Code of Ethics
- Behavioural Finance
The Minister said the remainder of FASEA’s requirements would be released in the coming weeks for final industry comment before the final legislation was introduced into Parliament.