October 30, 2018
The Financial Adviser Standards and Ethics Authority (FASEA) will not impose cut-off dates when applying credits for prior learning undertaken as part of the Advanced Diploma of Financial Planning (ADFP) but will instead consider the quality of the coursework completed.
A spokesperson for FASEA confirmed with Riskinfo that recent announcements made by Assistant Treasurer, Stuart Robert regarding the application of education credits against the minimum education standards required for current financial advisers would be part of a proposed legislative instrument (see: FASEA Win For Advisers).
…FASEA would not apply a ‘10-year rule’ to ADFP qualifications…
Robert made those comments at the recent AFA National Advisers Conference stating that he had agreed with FASEA that advisers without a degree would have to gain an eight-subject graduate diploma and “…those advisers who hold an existing Advanced Diploma in Financial Planning will receive two subjects credit”.
The spokesperson also confirmed that FASEA would not apply a ‘10-year rule’ to ADFP qualifications when applying credits but would instead consider the coursework and the quality of the underpinning study that was undertaken at the time.
To date, FASEA has released few details of the possible content of the legislative instruments that will frame the new education standards but Riskinfo understands full details will be released shortly.
At the time of his announcement, Robert said the draft legislative instrument would be publicly released before being considered by Parliament, which had to approve the instrument, and the Government planned on doing that before the end of the year.