{"id":42994,"date":"2018-11-17T07:35:07","date_gmt":"2018-11-16T21:35:07","guid":{"rendered":"https:\/\/riskinfo.com.au\/news\/?p=42994"},"modified":"2019-01-13T19:31:52","modified_gmt":"2019-01-13T09:31:52","slug":"fasea-releases-updated-education-exam-guidelines","status":"publish","type":"post","link":"https:\/\/riskinfo.com.au\/news\/2018\/11\/17\/fasea-releases-updated-education-exam-guidelines\/","title":{"rendered":"FASEA Releases Updated Education, Exam Guidelines"},"content":{"rendered":"

The Financial Adviser Standards and Ethics Authority (FASEA) has confirmed advisers will be able to gain four credits for holding the Advanced Diploma of Financial Planning and an industry designation, and has altered the focus of the proposed Financial Adviser Examination.<\/p>\n

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Assistant Treasurer, Stuart Robert<\/figcaption><\/figure>\n

In the first official statement from the Authority on education standards since the release of consultation papers in July, FASEA confirmed comments from the Assistant Treasurer, Stuart Robert<\/strong>, that existing advisers with the ADFP would be eligible for two course credits.<\/p>\n

It also confirmed that advisers who held the FPA\u2019s Certified Financial Planner (CFP) designation or the AFA\u2019s Fellow Chartered Financial Planner (FChFP) designation would be eligible for a further two credits (see: FASEA Win For Advisers<\/a>).<\/p>\n

FASEA has, however, placed timeframes on when those designations will be considered eligible with advisers who attained the CFP after 2007 or the FChFP after 2014 eligible for credits. No timeframes have been placed on when an adviser had attained the ADFP, confirming what a FASEA spokesperson told Riskinfo in late October (see: No Cut-Off Date for ADFP Credits<\/a>).<\/p>\n

The details were released as the Authority begins the release of legislative instruments for each of its proposed standards which will be open for consultation until mid-December before the release of finalised standards<\/p>\n

Study Units Required<\/strong><\/p>\n

The Authority has also added a new method for people who wish to enter the advice profession from another career with the Post Graduate Career Changer pathway requiring new entrants to complete an approved eight-unit Graduate Diploma. New entrants choosing this pathway will be able to seek Recognition of Prior Learning (RPL) from an education provider, and may be able to reduce the number of units required.<\/p>\n

A newly released Standards Summary<\/a> from FASEA shows that only existing advisers with no degree and no other form of training, including the ADFP and industry designations, will be required to complete all eight units of a Graduate Diploma, as will new advisers undergoing a career change. Most advisers, including those with non-relevant degrees will be required to complete seven units or less by 1 Jan 2024.<\/p>\n

New advisers with no formal education will still be required to hold a Bachelor degree, and all advisers will be required to complete a single unit on FASEA\u2019s Code of Ethics.<\/p>\n

Adviser Exam<\/strong><\/p>\n

In releasing the new Standards, the Authority also announced that it had made changes to the Financial Adviser Examination, reducing it from five sections to three which \u201c\u2026will focus on applied knowledge acquired in actual financial advice scenarios\u201d.<\/p>\n

The three areas will be:<\/p>\n