FASEA Reveals Longer Timeframe for ADFP Credits

FASEA has released further details about its recognition of prior learning for advisers who have studied for the Advanced Diploma of Financial Planning (ADFP), stating its consideration would extend as far back as when the course was offered by the FPA.

The Authority released the details in a Policy Statement that accompanied the draft Legislative Instrument that would give effect to its proposed Education Pathways.

In the statement, FASEA explained that existing advisers were eligible for exemptions to the required eight-unit Graduate Diploma via Recognition of Prior Learning (RPL) for the “…completion of the Advanced Diploma of Financial Services/Planning…including the historical eight course Diploma of Financial Planning – ‘DFP 1-8’ awarded by the Financial Planning Association”.

The statement added that this exemption would be available irrespective of the provider and the year it was completed, confirming comments provided by FASEA to Riskinfo in late October (see: No Cut-Off Date for ADFP Credits).

Further mention was made in the statement regarding the professional designations offered by the FPA and AFA, which FASEA claimed “…are not identified on the AQF [Australian Qualifications Framework] and do not equate to a qualification on their own”.

RPL would, however, be applied to the designations with the policy statement adding, “…education undertaken as part of achieving a professional designation is a valuable component of professional expertise and background and thus RPL will be available for education of this type that is approved by FASEA”.

Prior to the release of the Policy Statement, FASEA stated it will add cut-off dates for when professional designations will be recognised as eligible for credits (see: FASEA Releases Updated Education, Exam Guidelines), leading to the FPA and AFA to question that decision (see: Advisers Given Limited Time to Comment on FASEA Proposals).

  • Old Risky

    WHAT A JOKE !!!!!!!!

  • ken

    How nice of them ?
    You could give advisers 10 years to do the exams but will it make them any more credible. The whole FASEA system seems to be all about The Corporations act and doing the right thing by clients which 99% of us already do. If most people like myself with 30 or 40 years in the industry were not we would be long gone.
    Lets all spend $15k plus learning something we are never going to put into practice certainly not at 62 years of age. Maybe a 25 year old with “cloudy” ideas on where they want to go could do it to cover all bases for the future and establish a long term multi channelled business including financial planning risk etc until their degrees are no longer relevant and they have to start again like plenty of current advisers. ???
    I am still waiting on someone to address the long term risk advisers situation and come up with a logical program of education for them. Something appropriated and in recognition of their time and efforts in this profession. To send them out to retirement with pride in what they have done and achieved not dismay.
    Sadly I don’t see it happening anytime soon without the AFA and FPA getting highly and loudly involved