Almost 20 students have filed a class action against James Cook University (JCU) after their financial planning degrees failed to secure them jobs due to a lack of accreditation.
According to an investigation by A Current Affair, the 18 students attended the Queensland-based university for three years, studying for a Bachelor of Commerce (Financial Advising) degree five years ago.
The course was described as having a major in financial advising, which would be accredited.
“The financial advising major will be an accredited major and has largely been developed because of changes in the regulatory requirements in the financial services sector,” the university’s promotional video said.
However, student Sam Boon told A Current Affair that the course was not accredited and was still not accredited by the time he graduated, which left him unable to start his Professional Year with a financial advice firm.
“I’ve just spent three years studying with no real opportunity at the end to become a financial adviser.
“It’s for distress, disappointment, the loss of income and the opportunity to increase my salary,” Boon said about the decision to take legal action.
The class action was being handled by solicitor Duke Myrteza in Brisbane.
The course had since been accredited since 1 July 2022 and a spokesperson for JCU told Money Management that students who had graduated prior to the accreditation were given the opportunity to obtain additional and higher qualifications at JCU’s expense.
“JCU’s Bachelor of Commerce (Financial Advising) obtained accreditation. The course has been accredited since 1 July 2022.
“At that time, students who were enrolled in the course were provided with a seamless transition to the newly accredited program, while graduated students received an accredited degree.
“The University offered all affected graduates the opportunity to obtain additional and higher qualifications at JCU’s expense. JCU arranged for students to participate in a Graduate Diploma in Financial Planning with Deakin University. JCU met the tuition fees for students who took up this option.
“Students have been offered further financial and emotional support, which some have accepted.
“JCU was in regular contact with affected students and graduates throughout the accreditation process, providing them with updates on the matter.
“Where JCU is in discussions with students, we cannot comment further about the matter.”
They should of got a Kaplan Professional education for less than half the price. It works every single time!!!
Good on you JCU students! Let’s hope they win and JCU in turn sues the former FASEA directors.
Perhaps there should also be a much broader class action against the former directors of FASEA, by all those existing advisers whose degree level education wasn’t accredited due to FASEA’s bias, conflict, incompetence, and corruption.
Completed a Financial Planning degree in 2018…just one important word missing in their 1 unit of that 24 subject degree…that word being “FASEA”… Common sense would tell you that a code of ethics learned about by sitting the FASEA exam and during the professional year…. but Common Sense and Financial Services legislation does not go together. Just remember we also closed the door to all those Accounting students too studying a Commerce Degree….
If they only had to do the Kaplan ethics subject then I couldn’t imagine the problem. Must be more than that. Everyone had to do that subject.
It’s a 2018 degree and the FASEA code of conduct is most likely not covered, or the learning objectives of the Unit don’t fully match the accreditation requirements. A Financial Planning degree is 20 subjects from an existing Commerce/Business Major and 4 subjects specifically written. Because maybe 1-3 of those subjects didn’t have specific elements, the whole degree doesn’t meet accreditation standards . Hence the Uni has offered to pay for a Kaplan bridging course in ethics or several subjects to fill those “learning gaps”. This is like you writing a Financial Planning course and leaving out the words FSG.
Why on earth would a Bachelor of Commerce (Financial Advising) not be sufficient? This is what needs to be looked at.
You have Stephen Jones watering down the requirement for people to have degrees, yet here are people with a relevant degree not being allowed in.
The one certainty in life is that politicians and public servants are clueless.
pretty p&ss poor by the marketing people at the Uni. its not quite like, say a pysch or Dr where you couldnt see a patient. The delay probably 6 months or so and they may not necessarily see clients at the end of the professional year anyway – but Unis shouldnt be allowed to play willy nilly on this stuff. Its people lives and a lot of money. 3 months salary compensation would be the smart way to go. They would not be high starting money so not the worse. cheaper than the lawsuit.
While the premature advertising of the University was unethical and messy accreditation has now been achieved. I don’t know of any employers offering a professional year to any new graduates. A uni degree without experience is not enough. CSM and/or paraplanning experience plus the relevant degree is the usual requirement. Employers also want to know a staff member before investing in them for a professional year. So I’d suggest the complainant here have lost very little other than the anxiety caused by worrying
that their course may not have eventually been accredited. Litigating so early in life won’t help the students secure jobs as no employer wants that risk. It’s also encumbant on the students to check the courses they enrol in lead to the jobs they want to achieve. Not excusing the universities potentially deliberate deceptive conduct but the students need to do their home work too.
The fact that “accreditation” has now been achieved is irrelevant to those students. Some of those students may have been international. The fees are extraordinary. I agree professionally, it won’t impact them – it’s principle, it’s the potential impact of misleading marketing of all students by all Unis. They need to explain how this happen. If it was deliberate- then offer them some compo on top of the extra subjects. If they need to complete X subjects, refund the equivalent cost. It the time of the students. They now have to work and study or delay work. It the unnecessary inconvenience. It will be hard to prove more impact on careers that that. Who wants to be a FP anyway!