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.
Recommended for you
It can be extremely hard to realise the gains from financial advice M&A, according to Peloton Partners’ Rob Jones, and more could be gained from firms looking inward at their own practice.
With platforms reporting their quarterly results, there is a clear divide in the adviser markets they are targeting, according to platform specialist Recep Peker, and which would be right for your clients.
The Federal Court has imposed a $10 million penalty on Macquarie Bank for failing to prevent and control unauthorised fee transactions by third parties including financial advisers.
A financial advice firm has seen a weekly decline of 10 advisers, with all moving to a new licensee, while Centrepoint Alliance continues its “growth story”.