November 20, 2018
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).