FASEA approves AFA professional designations

28 June 2019

The Financial Adviser Standards and Ethics Authority (FASEA) has approved the Kaplan version of two Association of Financial Advisers (AFA) Professional Designations — the Fellow Chartered Financial Practitioner (FChFP) and Chartered Life Practitioner (ChLP).

These would count for two credits towards the Graduate Diploma or as credits against an adviser’s education requirements.

Philip Kewin, AFA chief executive officer, said: “This is great news for the many members who have completed the Kaplan version of both the FChFP and ChLP, as it allows them to move forward and plan the further study that they need to complete in order to meet the FASEA education standard.”

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The FChFP and ChLP designations were both awarded through the Asia Pacific Financial Services Association (APFinSA) and were recognised by all 10 member countries.

The FChFP designation was the AFA’s professional designation and designed for advisers who were seeking to enhance their professional reputation and business performance.

The ChLP designation was designed for risk advisers who wanted formal recognition as a specialist in the financial advice profession.

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This is great. But who at FASEA approved the exam? It doesn't meet the criteria set out in the legislation, so 600 advisers just sat an exam which isn't valid (ie. it did not conform to Standard 9.2). How long will it take FASEA to admit their mistake? It will be interesting to see how an organisation which purports to have such high morals and ethics, responds to their first crisis. So far, all I hear is crickets....

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