The Financial Adviser Standards and Ethics Authority (FASEA) has confirmed it will recognise coursework for obtaining a specialist SMSF designation and award credit for the work if undertaken in or after 2005.
FASEA stated it has recognised the SMSF Association (SMSFA) SMSF specialist adviser designation as part of its education standards for financial advisers and advisers who completed the designation in or after 2005 will be awarded one credit for recognition of prior learning (RPL).
The authority also stated it has recognised the Association of Financial Advisers’ (AFA) fellow chartered financial practitioner (FChFP) and chartered life practitioner (ChLP) designations and any adviser who had completed them in or after 2013 will be awarded two RPL credits.
The awarding of RPL credits, which is at Australian Qualifications Framework level 8, was in line with applications submitted by the SMSFA and AFA, and FASEA chief executive Stephen Glenfield said: “The awarding of credits for coursework to attain the AFA and SMSFA designations provides appropriate recognition to existing advisers who have undertaken these further studies.”
FASEA said a maximum of two credits towards completion of its higher education requirements can be awarded to existing advisers who have completed one or more of the prescribed approved courses to attain a professional designation.
The authority is continuing to assess other coursework used to attain professional designation applications that have been received from professional associations. The full list of approved courses can be found on the FASEA website.
Earlier this month FASEA released the first batch of graduate diploma and bridging courses approved for use by financial advisers to meet new mandatory education requirements which included 13 current graduate diploma courses, 8 historical graduate diploma courses and 11 bridging courses, from 15 higher education providers.