Members of the Association of Financial Advisers (AFA) and the SMSF Association who have done coursework associated with those organisation’s key designations can now rely on it being recognised by the Financial Adviser Standards and Ethics Authority (FASEA) but they may not be happy with the credit value.
The authority has confirmed the recognition of coursework from the AFA and SMSF Association as part of its education standards for financial advisers with the AFA’s Fellow Chartered Financial Practitioner (FChFP) attracting two credits for recognition of prior learning (RPL) while the SMSF Association’s SMSF Specialist Adviser designation on or after 2005 will attract one credit for RPL.
The maximum two credits earned by the AFA coursework appear to reflect its depth relatively recent currency.
The FASEA announcement said that advisers who had completed, the AFA’s Fellow Chartered Financial Practitioner (FChFP) and Chartered Life Practitioner (ChLP) in or after 2013, have been awarded two credits for RPL in line with an application submitted by the AFA.
It said that advisers who had completed the SMSF Association’s, SMSF Specialist Adviser designation on or after 2005, had been awarded one credit for RPL in line with the application submitted by the SMSF Association.
Commenting on the development, FASEA chief executive, Stephen Glenfield said the awarding of credits for coursework to attain the AFA and SMSFA designations provided appropriate recognition to existing advisers who had undertaken thee further studies.
Explaining the process, FASEA said its review of the programs followed an application from each of the professional associations and was in line with the RPL sought.
“The approval is recognition of the course content and assessments advisers are required to undertake to successfully complete the program,” it said.
A maximum of two credits towards completion of higher education requirements can be awarded for an existing adviser who has completed one or more of the prescribed approved courses to attain a professional designation.