FASEA confirms likely higher degree costs for advisers

The Financial Adviser Standards and Ethics Authority (FASEA) has confirmed that financial advisers will likely face higher fees as a result of the Government’s proposed changes to the cost of obtaining a Bachelor degree.

Answering questions on notice from the House of Representatives Standing Committee on economics, FASEA chief executive, Stephen Glenfield, conceded the likely increased cost impact for advisers.

However, he reinforced that the course fees varied across universities and higher education providers and were not set by FASEA.

“The Federal Government has announced proposed changes to the Commonwealth Grant Scheme funding clusters and student contribution bands for students in Commonwealth supported places. If the legislation were to pass this would likely mean an increase in the cost to new students in Commonwealth supported places commencing studies in financial advice,” Glenfield said.

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“The proposed legislative amendments to the Commonwealth Grant Scheme do not directly impact fee paying students (i.e. students not in Commonwealth supported places). Fees for these students are set by universities and have not been announced for 2021 and beyond.

“Advice received from a number of higher education providers indicated a range of course fees for undergraduate courses (bachelor level) of between $1,390 for a Commonwealth supported place to $3,350 for a full fee-paying student per course. A unit of study at a post graduate level (Graduate Diploma or higher) ranged from $1,300 to $3,375 per course.”