FASEA releases foreign qualifications policy

Financial advisers holding foreign qualifications have been given clearer guidance today with the release by the Financial Adviser Standards and Ethics Authority (FASEA) of its policy on Foreign Qualifications.

FASEA announced that the policy contemplates a two-step approach entailing:

• an assessment by a Department of Education and Training (DET) approved body, including the Chartered Accountants of Australia and New Zealand (CAANZ) and Certified Practicing Accountants (CPA) associations;
• and then an assessment by FASEA as to the equivalence of the foreign qualification to a degree or qualification approved under FPS001 Education Pathways Policy.

It said that upon receipt of a certified copy of the individual’s qualification and a copy of the DET assessment from the DET approved body, FASEA would determine the requirements for the new entrant or existing adviser under FPS001 Education Pathways Policy.

The announcement said FASEA approved foreign qualifications would be added to FASEA’s Foreign Qualification Precedent Database and be available on FASEA’s website.

The detailed FASEA for new entrants is:

1. If a new entrant has a DET approved foreign qualification, the individual is required to complete a FASEA approved graduate diploma.

2. The new entrant is eligible for Recognition of Prior Learning (RPL) if they undertake the graduate diploma. Credit cannot be given for elements of the required curriculum that are specific to the Australian legal, taxation and/or practice context unless they have been included in the foreign qualification. For further detail on recognition of prior learning refer to FPS001 – Education Pathways Policy.

3. If the individual’s foreign qualification was not approved by a DET approved body, the individual is required to complete a FASEA approved bachelor degree or Graduate Diploma (subject to meeting the Higher Education Providers entry criteria).

4. The individual should submit a request to FASEA for approval of the foreign qualification. FASEA’s assessment process will be subject to a fee of $120 payable by the individual prior to assessment.