Existing financial advisers have been handed solid indicative guidance from the Financial Adviser Standards and Ethics Authority (FASEA) on what they will likely have to do to maintain their status.
The FASEA today issued a Proposed Guidance Statement on Qualifications and Pathways for Existing Advisers which is open to consultation but is intended to help existing advisers and alleviate some of the anxiety about the mechanism and pathways being proposed for compliance.
The guidance paper is available on the FASEA website: www.fasea.gov.au
What it outlines is the following with respect to the completion of qualifications:
(1) An existing provider must have done either of the following by 1 January 2024:
(a) met the education and training standard in subsection 921B(2);
(b) completed one or more courses determined by the standards body to give the provider
qualifications equivalent to that standard.
The FASEA guidance states that the standard in subsection 921B(2) is that a person has completed a bachelor or higher degree, or equivalent qualification, approved by the standards body, or a foreign qualification approved by the standards body.