The FPA has reiterated its view that the competence obtained through experience should be better recognised in the financial adviser education standards and has recommended that the Government should not implement an experience exemption to the education framework.<\/p>\n
In its submission to Treasury on the proposal paper in relation to adviser education standards, the association says that while it shares the Government\u2019s goal of making financial advice more affordable and accessible to Australian consumers, it believes that \u201c\u2026simply providing an experience pathway alone is not going to achieve a reduction in the cost to produce advice.\u201d<\/p>\n
However, it says in a statement, that if the Government does proceed with an experience pathway as proposed, the FPA recommends the following requirements be met:<\/p>\n
The FPA believes \u201c\u2026unassessed experience alone is an insufficient foundation to meet the objectives of raising the minimum education requirements for professional financial advice providers and continuing to build consumer confidence in the profession.\u201d<\/p>\n
…55% of FPA members have already completed their required education and 35% are on track to meet the existing education standards…<\/p><\/blockquote>\n
It surveyed its members to understand their views on the proposed modifications and 55% of FPA members have already completed their required education and 35% are on track to meet the existing education standards.<\/p>\n
It says of those surveyed:<\/p>\n