The Financial Adviser Standards and Ethics Authority (FASEA) has released its final education pathways policy, confirming some advisers will only have to complete one unit to comply with the new education standards.
FASEA initially released a draft of its FPS001 Education Pathways Policy in mid-November last year, seeking consultation from the advice sector until mid-December, with the finalised policy released late today.
The finalised policy said advisers with an approved degree, or a relevant degree and the Advanced Diploma of Financial Planning (ADFP), or a relevant degree and approved coursework to attain an industry designation will only be required to complete a single unit FASEA bridging course on ethics to meet the new education standard.
Advisers who hold a non-relevant degree, and either the ADFP or an industry designation, and have completed four to seven units of study in relevant degree knowledge areas as well will also only be required to complete the single unit bridging course to comply with the new standard.
FASEA said the new pathways policy was developed after receiving 92 submissions late last year and includes a more defined recognition of prior learning framework for existing advisers.
The policy stated the maximum study required for a new entrant will be an approved bachelor degree of 24 subjects and for an existing adviser a graduate diploma of eight subjects, while the minimum requirements will be a graduate diploma of eight subjects and the single ethics bridging course, respectively.
Recognition of prior learning will be available for all advisers and will include the ADFP, the completion of approved coursework to attain a designation and completion of relevant degree subjects.
FASEA chief executive Stephen Glenfield thanked stakeholders for the submissions and added: “We believe we have produced an education pathway that is consistent with the legislative requirement, achievable for financial advisers and accords with the expectations required in other professions in Australia.”
