Proposed Guidance Release


FASEA releases Proposed Guidance on qualifications pathways


for Existing Advisers



FASEA CONSULTATION - Proposed Guidance on Qualifications Pathways for Existing Advisers (pdf)

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Proposed Guidance in Brief

The Standards Authority recognises the importance of providing early guidance to Existing Advisers, to assist them to plan for their education and compliance goals over the next six years and has released proposed guidance that states:


  • the requirement for Existing Advisers to meet their obligation as a relevant provider, is that they have completed, by 1 January 2024, an AQF7 Degree as earlier indicated, or that they have completed, by 1 January 2024, a course that offers at least 8 units/courses, at AQF level 8.

 


PROPOSED CONSULTATION


FASEA will be seeking stakeholder views on the practical application of its proposed guidance. 


A Consultation Framework will be released in early 2018 - initiating a process that will run until 29 June 2018. 




Download detailed guidance proposal for more information





Notes

  • an 8 unit AQF8 program typically leads to a Post Graduate Diploma (AQF8) qualification outcome and a Post Graduate Diploma typically takes 2 years part-time to complete. 


  • unless an Adviser already holds a formal, approved qualification (i.e. one that is on the FASEA/FPEC approved register), then they are likely to be required to undertake some form of education leading to an AQF7 or AQF8 qualification, and will be required to complete that program before 1 January 2024

FASEA work program

Standards Authority tasks

The Corporations Amendment (Professional Standards of Financial Advisers) Act 2017 tasks the Standards Authority with the following functions for relevant providers authorised to provide personal advice to retail clients, in relation to relevant financial products.


There are 7 elements to the FASEA work program with differing timelines of compliance for each of them.

FASEA is aware that many in the Financial Advice sector need to plan compliance and education goals, to ensure compliance with professional standards and education deadlines.


Compliance within the legislative timeline will rely on a range of interdependencies for each Standard, including that a marketplace for solutions is ready to support the compliance needs of Advisers and Licensees.

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Material currently posted on this website addressing FASEA's legislative obligations will be refreshed from time to time and visitors are encouraged to periodically review FASEA postings.