Financial advisers with relevant postgraduate qualifications will have that study recognised as prior learning and be given credit towards meeting education standards required by the Financial Adviser Standards and Ethics Authority (FASEA).
FASEA announced the change as part of its release of draft amendments to its education legislative instrument – the Corporations (Relevant Providers Degrees, Qualifications and Courses Standard) Determination 2020 – which contains details of the units of study required for advisers to meet its education standards and current and historical approved courses of study.
As part of the draft, FASEA has proposed two credits of approved recognition of prior learning (RPL) would be given to existing advisers who have completed both a relevant degree and a postgraduate relevant degree.
The current determination does not have any approved RPL for existing advisers who hold a postgraduate relevant degree, and under the proposed amendment, advisers with both qualifications would only be required to complete two bridging courses, including the mandatory ethics course, to meet their education requirements.
The draft determination also proposes to provide approved RPL, and one credit, to historical courses offered by a number of professional bodies, which include the following:
From the Association of Financial Advisers:
- Fellow Chartered Financial Practitioner (offered by Mentor Education) – completed during or after 2009 and before December 2013,
- Chartered Financial Practitioner (offered by Mentor Education) – completed during or after 2009 and before December 2013,
From Certified Practising Accountants Australia:
- Associate Designation Program – completed during or after 1985 and before December 1988,
From the Financial Planning Association of Australia:
- Life Risk Specialist – completed during or after 2009 and before December 2018,
- Accredited Estate Planning Strategists – completed during or after 2010 and before December 2013,
From the Stockbrokers and Financial Advisers Association (SAFAA):
- SAFAA Professional Diploma in Stockbroking.
FASEA stated it was seeking industry feedback on the proposed amendments in the draft, which also contains the addition of a number of current degrees, bridging courses and recognition of prior learning through approved historic degrees and awarding of credit for coursework to attain a professional designation that had been approved since the determination was last updated in January.
Feedback on the draft amendments opened today and closes on 16 September.
