AccountantsIQ urges relaxation of FASEA education requirements
AccountantsIQ has gone into bat for accountants giving financial advice in its submission to the Financial Adviser Standards and Ethics Authority (FASEA), advocating for the education standards imposed upon such professionals under the new regime to be relaxed.
The group said that chartered accountants (CAs) and certified practicing accountants (CPAs) who have a “related” degree or postgraduate qualification should be exempt from any further study, save for the proposed compulsory exam.
It recommended that certain categories of advisers without degrees should be similarly exempt from any further study other than the proposed exam.
"FASEA should not cause high quality planners to leave the industry due to these new proposed education standards who have tertiary qualifications, completed all modules of the Certified Financial Planner qualification, and extensive experience backed by detailed ASIC [Australian Securities and Investments Commission] prescribed CPD [continuing professional development] records," the submission said.
"Similarly, CAs who obtained membership to CA ANZ peior to 1972 should also be retained in the industry."
Reflecting concerns amongst the industry that the list of approved qualifications put forward by FASEA was inappropriate, AccountantsIQ also recommended that the list be expanded by both the number of institutions offering approved qualifications as well as the number of approved major areas of specialisation.
“FASEA must recognise that not all financial advisers provide traditional personal financial advice and, as such, must be catered for separately with an appropriate education pathway and recognition of their different knowledge and competencies,” the submission said.
AUTHOR
Hannah Wootton
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