FASEA gives first guidance

In what represents some of its earliest guidance to the financial planning industry the Financial Adviser Standards and Ethics Authority (FASEA) has confirmed the nature of the degree pathway which will apply to new entrants from January, 2019.

The board resolved that the pathway would entail an AQF Bachelor degree covering fields that include ethics, professional attitudes and behaviours, financial planning and advice process and technical requirements.

It said this would entail up to 24 courses of which 12 would be core.

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It said that career changers would be expected to pursue further pathways at the post-graduate level covering the same fields.

Commenting on the announcement, FACEA chair, Catherine Walter said that in the first instance, and to provide direction for employers, education providers and standards, the authority would be adopting the Financial Planning Education Council framework.

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So those students currently studying finance degrees such as Commerce, Finance, Business with units covering tax, legal studies, equities, accountancy all appear to have been overlooked. FASEA have adopted just the FPA listed of approved degrees for enrollment in a specialist CFP course. Seem to ruling out a lot of future advisers here.

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