Planners want FASEA details on prior learning

The Financial Adviser Standards and Ethics Authority (FASEA) needs to provide details on recognition of prior learning and appropriate bridging courses as it moves to deal with existing advisers, according to the SMSF Association.

While welcoming yesterday’s release by FASEA of the Existing Adviser Qualifications Pathway: Proposed Guidance document, the SMSF Association chief executive, John Maroney pointed to the need for advisers to get further detail of their qualification pathways.

“Details on recognition of prior learning and bridging courses will be significant, especially given FASEA’s initial narrow approach to recognising relevant degrees for their standards,” he said. “We understand that FASEA’S statement at this stage is only outlining their approach, with a lot of detail to be fleshed out in 2018.”

“We want to ensure that advisers who have previously completed a bachelor’s degree as an attempt to be professional and improve their skills are not unfairly disadvantaged by FASEA’s new standards,” he said.

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The SMSF Association’s response reflected that of other major industry organisations which welcomed release of the FASEA documentation but acknowledged their members’ desire for more information.

The Stockbrokers and Financial Advisers Association (SAFAA) welcomed the FASEA guidance but noted that it had spent the past 12 months working on a set of post graduate qualifications with Western Sydney University’s Sydney Graduate School of Management.

“The work has involved a painstaking mapping of FASEA’s expected requirements against a set of new qualifications culminating in a Masters in Stockbroking and Financial Advising,” SAFAA chief executive, Andrew Green said.