The Financial Adviser Standards and Ethics Authority has released its final FPS001 Education Pathways policy, confirming the maximum requirements for new entrants.
The FASEA announcement states that under the policy the maximum requirement for a new entrant will be an approved bachelor degree of 24 subjects and for an existing adviser will be a graduate diploma of 8 subjects.
It said the minimum requirements for a new entrant will be an approved graduate diploma of 8 subjects and for an existing adviser will be one subject being FASEA’s bridging course – the FASEA Code of Ethics and Code Monitoring Bodies.
The announcement said the amount of education an adviser will be required to undertake will depend on the amount of education they already have.
“Recognition of prior learning will be available for an advanced diploma of financial planning (including the historical eight course Diploma of Financial Planning), completion of approved coursework to attain a designation and completion of relevant degree subjects.”
FASEA also confirmed its intention to update the Corporations (Relevant Providers Degrees, Qualifications and Courses Standard) Determination 2018 on a regular basis to add further approved historical degrees, new programs and courses pursuant to its accreditation process.
It said the consultation process had afforded FASEA the opportunity to refine the pathways such that:
- Financial planning (including financial advice areas of superannuation, retirement, insurance and estate planning) and investments (including investments such as shares, derivatives, foreign exchange and options) had been added as relevant degree subjects; and
- Advisers holding a non-relevant degree who have completed between 4 and 7 of the relevant degree knowledge areas would be awarded two credits as recognition of prior learning.
Detail of the FASEA policy statement can be found here: https://www.fasea.gov.au/wp-content/uploads/2019/01/FPS001-FASEA-Policy-Statement-Education-Pathways-revised-Jan-2019-vFINAL.pdf
Comments
On what planet could it be that you send and entire industry back to University to study a brand new shiny Financial Planning Degree. Let's ignore the advisers with Commerce/ Business/Finance related degrees and send them all back to Uni to study a Graduate or Masters. What a joke. Will not be voting for any of these monkeys. It's only a matter of time before we send all the Teachers and Nurses back to Uni.
I was expecting to have to do 1-2 subjects having a Commerce Degree, a Diploma of Financial Planning and Masters in Finance with many financial planning electives taken. I certainly won't be voting for Liberal or Labour at the next election and will voting for the independents and encouraging and writing to all of my clients.
Hi Simon, If you have both a Commerce degree and a Master of Finance, you should be able to get at least 8 subjects between the both of them in a 'relevant discipline' under the definition. This will qualify you for the "relevant degree" pathway, meaning you should 'only' have to do the 3 x FASEA bridging courses + 1 a FASEA approved unit. You could look at completing your ADFP (another 4 subjects), then you would only have to complete a FASEA bridging course on Ethics. It certainly would be cheaper for you to complete the ADFP (assuming the bridging courses will be of a similar pricing to a Grad Dip subject). talk to a specialist RTO like Kaplan Professional who should be able to advise you.
This is a deeply flawed document. I have a Masters Degree in FP which is not approved due to the sneaky conditions in the legislative instrument. Worse still, it doesn't qualify as a 'relevant degree' due to the 8 subject test in the Education Pathways document (I received 3 course credits from another masters program, completed a double unit and another was exempted due to RPL. That leaves me with 7 subjects). 4 of the 9 FASEA board members hold current positions at universities and a fifth was director of MBS for 18 years, so they know exactly how the system works. They are either grossly negligent by not reading their own documentation, or this is a deliberate ploy to maximise university enrollments. Either way, FASEA is out of control.
Liberals have abandonned small business. This is a joke
Liberals have caught the identity politics disease
Think of all the poors sods who don't want to be financial advisers but who have been in the industry for decades but don't have a degree. I know of high level techos who can't move or change employers to better themselves as they don't have a "recognised degree" as nobody knows what it is.
So, all this education for Financial Planner is aimed at making us all Ethical - like a lawyer.
https://www.smh.com.au/national/nsw/betting-3-million-a-day-on-football-...
Been a while since I can remember a Financial Planner causing client this much financial loss (see SMH article above).
The FASEA document is signed by two people, one a FP and from what I can tell they have no degree or masters qualifications. So the Board of FASEA contains an adviser, advising and governing on these important matters, signing off on key documents, who doesn't understand or who hasn't experienced academic study ( other than DFP) themselves. Happy to stand corrected but that is how it appears.
I love FASEA's disclaimer - I don't believe Dover went this fare. Real ethical stuff from FASEA.
Disclaimer and copyright.
While FASEA endeavours to ensure the quality of
this publication, it does not accept any responsibility
for the accuracy, completeness or currency of the
material included in this publication and will not be
liable for any loss or damage arising out of any use
of, or reliance on, this publication.
© Financial Adviser Standards and Ethics Authority
(FASEA)
Source FASEA PF001 Education Pathways Policy January 2019.
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