FASEA determines provisional designations
In what represents the final piece in the Financial Adviser Standards and Ethics Authority (FASEA) framework, aspiring financial planners now know how they will be designated in their mandatory professional year – as either “Provisional Financial Adviser” or “Provisional Financial Planner”.
The FASEA has registered the final legislative instrument and explanator statement around the so-called Provision Relevant Providers arrangements, noting that the decision had been informed by stakeholder consultations in July and August and through formal submissions received in November.
The FASRA announcement means that the authority has met virtually all of the requirements put in place by the legislation underpinning the new regime just inside the time-line laid down by the Government.
The seven elements the FASEA board were required to get in place were:
- Approve Bachelor (or higher) degrees, or equivalent qualifications
- Approve an exam
- Set requirements for work and training
- Set requirements for continuing professional development
- Respond to applications for approval of foreign qualifications
- Make a Code of Ethics
- Specify a word or expression to refer to a provisional relevant provider
Recommended for you
It can be extremely hard to realise the gains from financial advice M&A, according to Peloton Partners’ Rob Jones, and more could be gained from firms looking inward at their own practice.
With platforms reporting their quarterly results, there is a clear divide in the adviser markets they are targeting, according to platform specialist Recep Peker, and which would be right for your clients.
The Federal Court has imposed a $10 million penalty on Macquarie Bank for failing to prevent and control unauthorised fee transactions by third parties including financial advisers.
A financial advice firm has seen a weekly decline of 10 advisers, with all moving to a new licensee, while Centrepoint Alliance continues its “growth story”.