FASEA reaches key milestone on degrees/bridging courses
In what represents one of its most important announcements to date, the Financial Adviser Standard and Ethics Authority (FASEA) has published what amounts to an outline of its requirements and education pathways clearing the way for education providers to seek accreditation of their offerings.
FASEA announced it had released its final FPS002 Program & Provider Accreditation Policy which provides guidance to Higher Education Providers (HEPs) and Professional Associations on the approval requirements for a range of education pathways.
The policy, the result of stakeholder consultation and two pilot accreditations conducted at HEPs can be found here: https://www.legislation.gov.au/Details/F2018L01833.
The policy provides guidance on approval of:
- Bachelor Degrees;
- Graduate Diplomas;
- Masters Degrees;
- Bridging Courses; and
- Credit for recognition of prior learning (RPL) in respect of education undertaken to obtain a relevant professional designation.
FASEA said that it would now be accepting applications for accreditation from HEPs with priority of assessment given to applications for Graduate Diplomas and Bridging Courses.
The announcement said FASEA would assess an initial tranche of Graduate Diplomas and/or Bridging Courses pursuant to the requirements in FPS002 Accreditation Policy for HEPs who submit an application by 12 April 2019.
“FASEA will undertake an initial review of applications and advise if further information is required. Compliant applications will be assessed within approximately eight weeks of receipt and notification of outcomes will be advised to all HEPs at the same time and entered on the FASEA website,” it said.
FASEA would periodically register amended Degrees, Qualifications and Courses Legislative Instruments, updated to include the accreditation of additional approved degrees, courses and education approved for RPL as well as amendments to existing approved programs and courses.
Recommended for you
As the industry navigates the fallout from recent product failures, two major AFSLs have detailed their APL selection process and relationship with research houses, warning a selection error could “destroy” a licensee.
The impending retirement of financial advisers in their 50s could see the profession face significant succession challenges over the coming decade and younger advisers may not be the answer.
With a third of AFSLs being solo advisers, how can they navigate key person risk and ensure they are still attractive propositions for buyers when it comes to their succession planning?
A quarter of advisers who commenced on the FAR within the last two years have already switched licensees or practices, adding validity to practice owners’ professional year (PY) concerns.
