ASIC moves to have licensees meet FASEA standards

8 November 2018
| By Mike |
image
image image
expand image

At least one responsible manager within advice licensees will need to have both passed the financial adviser exam and to have satisfied the degree qualification requirement under new proposals outlined by the Australian Securities and Investments Commission today.

ASIC has released a consultation paper on updated competence requirements for advice licensees updating Regulatory Guide 105 to support professional standard reforms.

Commenting on the proposals, ASIC Commissioner, Danielle Press said they were designed to strengthen the organisational competence of financial advice licensees by ensuring that advisers were supervised by at least one responsible manager who satisfied the new education and training standards.

“We would like to add to the existing options for responsible managers to demonstrate their knowledge and skills by introducing a new Option 6. This option will reflect the higher levels of competence expected in the industry,” she said.

ASIC is proposing that:

  • advice licensees would be required to have at least one responsible manager who satisfies Option 6;
  • responsible managers who wish to satisfy Option 6 would have to pass the financial adviser exam, satisfy the degree requirement that apply to existing financial advisers, and meet the CPD requirements; and
  • both new and existing responsible managers who wish to satisfy Option 6 would have until 1 January 2021 to pass the exam and until 1 January 2024 to satisfy the degree requirement.

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

So we are now underwriting criminal scams?...

5 months 1 week ago

Glad to see the back of you Steve. You made financial more expensive, not more affordable as you claim, and presided ...

5 months 2 weeks ago

Completely agree Peter. The definition of 'significant change is circumstances relevant to the scope of the advice' is s...

7 months 2 weeks ago

The RBA has handed down its much-anticipated rate decision, following widespread expectations of a close call....

5 days 4 hours ago

The FSCP has issued a written direction to an adviser who charged clients “extraordinary fees” for inappropriate and conflicted advice, as well as encouraged them to swit...

2 weeks 6 days ago

ASIC has confirmed the industry funding levy for the 2024–25 financial year, and how much licensees can expect to pay....

1 week 3 days ago

TOP PERFORMING FUNDS

ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
2
DomaCom DFS Mortgage
95.46 3 y p.a(%)
5