FASEA approves higher education historical graduate diplomas

The Financial Adviser Standards and Ethics Authority (FASEA) has approved three higher education historical graduate diploma courses.

The three new historical courses approved by FASEA are:

  • Graduate Diploma in Business (Personal Financial Planning) commenced between 2002 and 2012, offered by the University of Southern Queensland;
  • Graduate Diploma of Financial Planning commenced between 1998 and 2007, offered by Securities Institute/Financial Services Institute of Australasia (FINSIA); and
  • 8-unit Graduate Diploma of Applied Finance and Investments commenced between 1991 and 2007, offered by Securities Institute/FINSIA, where study included either the investment management stream or financial planning related electives.

Advisers who had completed any of those courses were required to complete the FASEA ethics for Professional Advisers bridging course to meet the education standard.

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Advisers who completed the Securities Institute/FINSIA historical 8-unit Graduate Diploma from 1991 to 2007 that didn’t include the investment management stream or financial planning electives had completed a relevant degree and would receive four credits towards the education requirements.

Stephen Glenfield, FASEA chief executive officer, said: “The approval of these additional Graduate Diplomas gives advisers a clear pathway to meet the education standard by 1 January 2024.”

The approved degrees would be added to FASEA’s Degree, Qualifications and Courses legislative instrument.

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These courses are ONLY approved if the adviser completed every single subject on the list and all the course codes align with your transcript.

Anyone with experience with university programs would know that course structures change from time to time and some students transfer into courses and receive exemptions from certain subjects due to prior learning. Why are FASEA playing such silly games and causing angst for those of us who went early, and completed degrees in financial planning before it was required? Why don't they just approve the headline degree and be done with it? What are they trying to achieve? Are they deliberately creating more work for themselves? Because I can't see any other purpose to their insanely complex approved degree list.

How much time has been wasted? I'm sure the Universities would prefer to allocate their resources elsewhere rather than researching every possible combination of past courses to get them retrospectively approved. A contact at my university is at her wits end dealing with FASEA and I can only imagine her experience is being replicated across all of the other universities.

And what about the exam? Around 600 advisers just completed a joke of an exam, where questions contained 3 sub-questions (ie. 3 opportunities to trick you), many of the questions didn't contain enough information to properly answer the question, FASEA will retrospectively decide on the pass mark and they didn't list the maximum marks for each question which their own legislation requires them to do; so the exam was basically invalid anyway.

The Code of Ethics is completely unworkable in it's current form and with less than 6 months to go, FASEA haven't provided the guidance they promised. So many of us, who may be required to radically alter our business models, with little, if any time to do so.

It's time for the media to start heaping pressure on FASEA because they have completely lost the plot.

How are Graduate Diploma of Applied Finance and Investment (Investment Management Stream) from Securities Institute/FINSIA an approved degree in financial planning?!? This is inconsistent with every other FASEA approval where the subjects are in financial planning.

Hi Anonymous, that's the Grad Dip that I have done with some of the investment management and some of the financial planning subjects. I can tell you that the investment management stream is very much related to financial planning. Subjects like Superannuation and Funds Management, Fundamentals of Portfolio Management, Financial and Investment Products.

I was an excellent Grad Dip, I just hope the mix of subjects I've done gets me the full 7 units credit.

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