Associations Must Apply For Designation Accreditation – FASEA

The Financial Adviser Standards and Ethics Authority (FASEA) has invited industry associations to apply for accreditation of their professional designations so advisers can gain credits for the recognition of prior learning.

In a short statement released to media, the Authority stated that it had invited industry associations to apply for accreditation for their respective designation programs and notices had been sent to inform the associations of the process to have course content related to a designation approved by FASEA.

The statement confirmed that existing financial advisers who had completed approved coursework for an approved designation would be entitled to two units credit for an eight unit graduate diploma that will apply under the new education regime starting from 1 January 2019.

FASEA first indicated it would be up to industry associations to seek recognition for professional designations when it recently released its revised Education Pathways and Program and Provider Accreditation policies for consultation. 

The process was also confirmed by FASEA Chief Executive, Stephen Glenfield in a presentation at the 2018 FPA Congress in November, where he told delegates the Authority had included the FPA’s CFP designation and the AFA’s FChFP designation in the policy as examples of how designations would be handled under the new standards.

Glenfield also said, at that time, FASEA would look further back in its consideration of when a designation was attained (see: FASEA Will Consider Longer Timeframes on Designations).

The Authority had already confirmed in the policy document that it would give consideration to DFP and ADFP training, regardless of when it was attained (see: FASEA Reveals Longer Timeframe for ADFP Credits).