FASEA Releases Two Stage Process to Recognise Foreign Qualifications

Financial advisers with qualifications gained overseas will be required to have them assessed by a Federal Government approved body before seeking further approval from FASEA that the training is considered eligible for recognition of prior learning.

The two-step process was revealed by FASEA as part of its draft policy on Foreign Qualifications which has been released for industry consultation ahead of its adoption in 2019.

As part of the process, advisers with foreign qualifications will be required to have a Department of Education and Training (DET) approved body assess how the qualification compares to those offered within Australia, using the Australian Qualifications Framework.

Following that assessment, an adviser would be required to provide a certified copy of their foreign qualification to FASEA which would assess its equivalence to a degree or qualification approved under FPS001 Education Pathways Policy.

In the draft policy, FASEA stated it would approve the qualification if it was satisfied the foreign qualification was at an equivalent level to those qualifications that were approved by the standards body, and that met the incoming education standards for advisers from 1 January 2019. FASEA will release a list of approved foreign qualifications on its website.

Further educational requirements would be based on whether the adviser was an new entrant or an existing provider, and in both cases, holders of a foreign qualification would be required to complete the relevant education pathways previously released by FASEA.

“We are pleased to release the Foreign Qualifications Policy as it provides guidance for financial advisers holding foreign qualifications and defines the role of FASEA in approving foreign qualifications,” FASEA Chief Executive Stephen Glenfield said.

FASEA has called for submissions on the policy which can be made directly via its website before 5pm on 14 December 2018.