{"id":43011,"date":"2018-11-20T13:41:12","date_gmt":"2018-11-20T03:41:12","guid":{"rendered":"https:\/\/riskinfo.com.au\/news\/?p=43011"},"modified":"2018-11-21T05:02:44","modified_gmt":"2018-11-20T19:02:44","slug":"advisers-given-limited-time-to-comment-on-fasea-proposals","status":"publish","type":"post","link":"https:\/\/riskinfo.com.au\/news\/2018\/11\/20\/advisers-given-limited-time-to-comment-on-fasea-proposals\/","title":{"rendered":"Advisers Given Limited Time to Comment on FASEA Proposals"},"content":{"rendered":"

Financial advisers have been given just over three weeks to provide feedback on changes to education pathways and the recognition of professional designations after FASEA released a revised set of standards late last week.<\/p>\n

\"\"<\/a>
AFA Chief Executive, Phil Kewin<\/figcaption><\/figure>\n

The new standards include changes to education pathways for existing advisers as well as the Recognition of Prior Learning (RPL), including cut-off dates for when professional designations will be recognised as eligible for credits (see: FASEA Releases Updated Education, Exam Guidelines<\/a>).<\/p>\n

The issue of RPL has been flagged as an area of concern by the FPA and AFA in communication to their members, particularly the recognition of professional designations where FASEA announced that only CFP designations gained after 2007 and FChFP gained after 2014 would be eligible for education credits.<\/p>\n

AFA Chief Executive, Phil Kewin<\/strong> told his Association\u2019s members that it still lacked details around some of the changed standards and questions remained over the imposition of cut-off dates for professional designations.<\/p>\n

\u201cThere has been no discussions with the AFA on this date and at this stage we don\u2019t know why they have chosen to exclude all CFP\u2019s who graduated before 2008 or all FChFPs who graduated before 1 January 2015,\u201d Kewin said, adding the AFA would continue to advocate for a better outcome in this area.<\/p>\n

Kewin said FASEA had defined a relevant degree as one with eight subjects from a short list of related fields, which was more in line with AFA proposals, and recommended members review their academic transcripts from past training to see if they qualify for RPL.<\/p>\n

The FPA told its members the FASEA proposals would be raised at an FPA Board meeting on 21 November, ahead of its 2018 FPA Professionals Congress which begins later that same day, and at which FASEA Chief Executive, Stephen Glenfield will speak on 22 November.<\/p>\n

\"\"<\/a>
FPA CEO Dante De Gori<\/figcaption><\/figure>\n

FPA Chief Executive, Dante De Gori<\/strong> said the Association would not be commenting in detail on the updated FASEA standards until after the Board meeting.<\/p>\n

\u201cWhat I can say is that one of our major priorities is to ensure that further detail is sought from FASEA regarding the practical operation of the proposed Recognition of Prior Learning and what study\/courses will be included in this process,\u201d De Gori said.<\/p>\n

While FASEA has released a Standards Summary document covering the updates to the proposals, it has not yet released drafts of all of the legislative instruments that would give effect to the proposals.<\/p>\n

At the time of writing,\u00a0the instruments relating to Education Pathways for new and existing advisers, the Professional Year and the term to be used for an adviser undertaking that year have been released.\u00a0The consultation period for Education Pathways is due to end on 14 December.<\/p>\n

According to the Standards Summary, the instruments covering Continuing Professional Development, the Code of Ethics, Foreign Qualifications and the Adviser Exam are scheduled for release over the next three weeks.<\/p>\n

The AFA called on members to consider using the periods to provide feedback, adding, \u201cWe understand that FASEA intends to finalise these standards by the end of this year, so we recommend that you carefully check the standards as they are released.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"

Financial advisers have been given just over three weeks to provide feedback on changes to education pathways and the recognition of professional designations after FASEA released a revised set of standards late last week.<\/p>\n","protected":false},"author":3,"featured_media":43043,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[282,8,248],"tags":[4247],"class_list":{"0":"post-43011","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-associations","8":"category-compliance-regulation","9":"category-training","10":"tag-feature"},"_links":{"self":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts\/43011","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=43011"}],"version-history":[{"count":0,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts\/43011\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/media\/43043"}],"wp:attachment":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/media?parent=43011"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/categories?post=43011"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/tags?post=43011"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}