{"id":29880,"date":"2015-06-09T12:11:11","date_gmt":"2015-06-09T02:11:11","guid":{"rendered":"https:\/\/riskinfo.com.au\/news\/?p=29880"},"modified":"2015-06-10T00:37:39","modified_gmt":"2015-06-09T14:37:39","slug":"existing-advisers-face-looming-education-deadline","status":"publish","type":"post","link":"https:\/\/riskinfo.com.au\/news\/2015\/06\/09\/existing-advisers-face-looming-education-deadline\/","title":{"rendered":"Existing Advisers Face Looming Education Deadline"},"content":{"rendered":"

Existing advisers could be left with less than three years to complete additional education requirements to meet the proposed new advice standards, the Financial Planning Association (FPA) has warned.<\/span><\/p>\n

<\/p>\n

\"Dante<\/a>
Dante De Gori, FPA General Manager Policy and Conduct<\/figcaption><\/figure>\n

Addressing attendees at the Sydney leg of the FPA\u2019s mid-year roadshow series, FPA General Manager Policy and Conduct, Dante De Gori, said the Association supported the advice competency and standards reforms proposed by the Parliamentary Joint Committee (PJC) on Corporations and Financial Services (see: PJC Proposes Significant Restructure of Advice Industry<\/a>). But Mr De Gori warned that the current transition timeline proposed by the PJC left existing advisers with less than three years to comply with the new minimum standards.<\/p>\n

Under the PJC proposal, existing advisers would be required to complete a registration exam and hold a membership with an approved professional body. They would also be subject to a Recognised Prior Learning Framework, to be developed by a newly created education council, which would match advisers\u2019 skills and technical knowledge against those obtained by new graduates of financial planning degrees. \u201cFor some of you, that may mean additional studies,\u201d Mr De Gori explained.<\/p>\n

Under the recommended model, existing advisers would have until 1 January 2019 to complete these requirements. However, the prior learning framework is not due to be developed until July 2016.<\/p>\n

…that leaves less than three years for advisers to sort out their education requirements<\/h6>\n

\u201cSo as you can see, that leaves less than three years for advisers to sort out their education requirements,\u201d Mr De Gori said.<\/p>\n

The good news, Mr De Gori said, is that there is no requirement for existing planners to have to complete an undergraduate degree. \u201cYou will not be asked to go to university for the next six years, part time,\u201d Mr De Gori confirmed.<\/p>\n

Mr De Gori also clarified that unlike recommendations made by the Australian Securities and Investments Commission earlier in the education debate, the registration exam proposed by the PJC is a one-off exam. \u201cAll you need to do going forward is to complete your CPD,\u201d Mr De Gori told advisers.<\/p>\n

The Government is still in consultation with stakeholders regarding the proposed education framework, and Mr De Gori was keen to point out that the minimum requirements and transition timeline were still yet to become law. But he also noted that the PJC report had bi-partisan support and industry submissions to the Government had also been largely supportive.<\/p>\n

\u201cWe\u2019re hoping to get a final position from the Government regarding this by the end of July,\u201d Mr De Gori concluded.<\/p>\n","protected":false},"excerpt":{"rendered":"

Existing advisers could be left with less than three years to complete additional education requirements to meet the proposed new advice standards, the Financial Planning Association (FPA) has warned.<\/p>\n","protected":false},"author":7,"featured_media":29925,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[282,8,241,248],"tags":[4247],"class_list":["post-29880","post","type-post","status-publish","format-standard","has-post-thumbnail","category-associations","category-compliance-regulation","category-conferences-and-events","category-training","tag-feature"],"_links":{"self":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts\/29880","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/users\/7"}],"replies":[{"embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/comments?post=29880"}],"version-history":[{"count":0,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts\/29880\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/media\/29925"}],"wp:attachment":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/media?parent=29880"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/categories?post=29880"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/tags?post=29880"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}