Education, Financial Planning

FASEA finalises foreign qualifications process

The Financial Adviser Standards and Ethics Authority (FASEA) has stipulated that financial advisers who hold foreign qualifications will only be able to have them recognised after they pass a gap assessment of key knowledge areas and Australian regulatory and legal obligations.

In releasing its finalised Foreign Qualification Standard Policy, FASEA stated that, based on submissions made during a consultation process in November 2018, it had included the gap assessment as well as a process to review its assessment decisions regarding foreign qualifications.

In November 2018, the authority indicated the assessment process would take place in two stages. This would include an assessment by a Department of Education and Training-approved body comparing an overseas qualification to an Australian qualification, followed by FASEA’s own assessment as to the equivalence of the foreign qualification to a degree or qualification approved under its Education Pathways Policy.

Following these stages, FASEA will determine any further education requirements, ranging from a single-unit ethics course to a full three-year degree based on its recently released finalised Pathways Policy.

In the Pathways Policy, FASEA specified it would “make available a service for the assessment of foreign qualifications and for degrees where it is not obvious/clear that the degree meets the relevant knowledge areas”.

The service, which has yet to be launched, will cost $120 per assessment and will be made available to advisers and licensees.

FASEA will also track the approval of foreign qualifications and will create a Foreign Qualification Precedent Database on its website.

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