{"id":41845,"date":"2018-08-10T11:00:31","date_gmt":"2018-08-10T01:00:31","guid":{"rendered":"https:\/\/riskinfo.com.au\/news\/?p=41845"},"modified":"2018-08-15T07:49:16","modified_gmt":"2018-08-14T21:49:16","slug":"odwyer-to-relay-exam-concerns-to-fasea","status":"publish","type":"post","link":"https:\/\/riskinfo.com.au\/news\/2018\/08\/10\/odwyer-to-relay-exam-concerns-to-fasea\/","title":{"rendered":"O’Dwyer to Relay Exam Concerns to FASEA"},"content":{"rendered":"

The Minister for Revenue and Financial Services, Kelly O\u2019Dwyer<\/strong> will relay adviser concerns about the lack of details in the National Exam proposed by FASEA, after the issues was raised in a meeting with the AFA.<\/p>\n

\"\"<\/a>
The Minister for Revenue and Financial Services, Kelly O\u2019Dwyer<\/figcaption><\/figure>\n

In a note to members, AFA Chief Executive, Phil Kewin<\/strong> said the Association had met with the Minister last week and raised concerns around education standards, including the definition of a related degree and the lack of recognition for prior learning and professional designations.<\/p>\n

Kewin added the AFA was also told the Government did not intend for the professional standards reforms to pressure advisers to leave the industry.<\/p>\n

\u201cWe also took the opportunity to express our concerns about the potential impact upon the financial advice profession if a practical solution could not be found,\u201d Kewin said.<\/p>\n

\u201cWe asked the Minister about what the Government expected the outcome would be and the Minister clearly stated that there was no target for adviser attrition,\u201d he added.<\/p>\n

The National Exam was also raised with the Minister, including the AFA\u2019s concerns around the lack of detail on its content, the lack of preparation materials or practice exams and that it was to be a closed book, four hour long exercise.<\/p>\n

\u201cThe objective of this reform program should be to lift the standards of existing advisers, not to remove them on mass from the profession.\u201d<\/h6>\n

\u201cThe Minister expressed a view that this appeared to be unreasonable,\u201d Kewin said, adding the Minister highlighted the exam was still part of a consultation process, to which the AFA responded that the process \u201c\u2026should not be run on the basis of ambit claims and unreasonable expectations as the starting point\u201d.<\/p>\n

As a result of the meeting, Kewin said O\u2019Dwyer would discuss the AFA\u2019s concerns with FASEA, and the AFA had also sought to meet with FASEA given there had been a limited number of formal consultation forums so far.<\/p>\n

\u201cWe will also discuss our concerns with other groups and politicians in the lead up to the release of any further consultation and the finalisation of the requirements in coming months,\u201d Kewin added.<\/p>\n

In a recent submission to FASEA commenting on the proposed National Exam, the AFA stated that while it recognised the need for higher standards \u201c\u2026it was never our expectation that the Professional Standards regime was the vehicle for a \u2018cull\u2019 of a large percentage of the financial adviser population\u201d.<\/p>\n

\u201cThe requirements set out in this consultation paper will, if they are implemented as proposed, achieve exactly that \u2013 a cull of many advisers,\u201d the AFA added.<\/p>\n

The Association also claimed that no other profession was solely reliant on a single exam as the measure of a practitioner\u2019s ability to operate, and the requirements for the proposed exam were substantially above the typical requirements of university courses.<\/p>\n

\u201cThe objective of this reform program should be to lift the standards of existing advisers, not to remove them on mass from the profession.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"

The Minister for Revenue and Financial Services, Kelly O\u2019Dwyer will relay adviser concerns about the lack of details in the National Exam proposed by FASEA, after the issues was raised in a meeting with the AFA.<\/p>\n","protected":false},"author":3,"featured_media":41887,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[282,8,248],"tags":[4247],"class_list":["post-41845","post","type-post","status-publish","format-standard","has-post-thumbnail","category-associations","category-compliance-regulation","category-training","tag-feature"],"_links":{"self":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts\/41845","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\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/comments?post=41845"}],"version-history":[{"count":0,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts\/41845\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/media\/41887"}],"wp:attachment":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/media?parent=41845"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/categories?post=41845"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/tags?post=41845"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}