Accounting, Education, Financial Planning

FASEA confirms relevant degree standards

The Financial Adviser Standards and Ethics Authority (FASEA) has registered the legislative instrument for relevant provider degrees, qualifications and courses.

Advisers are required to complete a bachelor or higher or equivalent qualification, and the determination includes a list of current and historical degrees approved by FASEA.

In the legislative instrument, FASEA has approved the newly formed Bachelor of Commerce (Finance and Financial Planning) at Curtin University in Perth.

The standards body has also approved the re-accreditation of Western Sydney University’s Bachelor of Accounting and Financial Planning or Financial Planning and Taxation and Master of Financial Planning.

It has also added study areas to the relevant degree definition comprising financial planning, which includes the financial advice areas of superannuation, retirement, insurance and estate planning, among others, and investments, which includes all types of investments such as shares, derivatives, foreign exchange and options, among others.

In terms of recognition of prior learning, advisers holding a non-relevant degree who have completed between four and seven of the relevant degree knowledge areas will be awarded two credits.

Courses and subjects will be single units of study of around 120 hours of learning as per the Australian Qualifications Framework, for example, eight-course graduate diploma and 24-course degree.

FASEA said it adopted a number of these suggestions in the final legislative instrument, explanatory statement, education pathways policy and accreditation policy from stakeholder feedback during consultation.

The determination was formed through consultation with stakeholders in March and June 2018 and through 92 formal submissions during FASEA’s consultation process in November 2018.

FASEA added this determination will be updated on an ongoing basis as additional courses are approved.

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