The Financial Adviser Standards and Ethics Authority (FASEA) has said it will modify an error it made in its draft guidance on education pathways for new and existing financial advisers with foreign qualifications.
FASEA has clarified under its current draft guidance for foreign qualification assessment, individuals with qualifications gained outside Australia will need to obtain an assessment from the Department of Education and Training (DET).
In its original draft guidance on foreign qualifications, FASEA said both new and existing advisers will need to obtain an assessment from the National Office of Overseas Skills Recognition (NOOSR), which it said will compare their foreign qualifications to an Australian qualification using the Australian Qualifications Framework (AQF).
“FASEA recognises that such assessments were previously conducted by the National Office of Overseas Skills Recognition before it was absorbed into DET,” a FASEA spokesperson told selfmanagedsuper.
“However, the NOOSR principles remain in place and would apply to the assessment process. This means, for example, that existing advisers who have had a previous assessment under NOOSR would qualify for recognition under the current draft guidelines.”
The standards authority added it will update the website today to reflect the correction.
FASEA has invited stakeholders to lodge submissions on this approach by 5pm on 31 August.
Verante Financial Planning director and SMSF Association board member Liam Shorte, who first pointed out the error, told selfmanagedsuper he welcomed FASEA’s correction, but urged the board to bear in mind the industry’s livelihoods depend on the new education standards and therefore clarity is vital.
“I understand the FASEA board have a huge job in front of them and am pleased they are trying to get details out quicker than originally expected, but it is essential that they understand that it is our livelihood that is at stake, so what may be considered minor errors are magnified in that context,” Shorte said.