Kaplan Professional has ceased offering one of its key courses – the Diploma of Financial Planning (DFP) – as a result of the introduction of the Financial Adviser Standards and Ethics Authority’s (FASEA) education standards.
Following national regulator the Australian Skills Quality Authority’s (ASQA) removal of the FNS50615 Diploma of Financial Planning, FNS60415 Advanced Diploma of Financial Planning and three Tier 1 personal advice units of competency in financial planning, margin lending and superannuation from its national register of vocational education and training, Kaplan has confirmed its Diploma and Advanced Diploma of Financial Planning will no longer be offered.
Kaplan Professional chief executive Brian Knight said: “Although thousands of advisers have relied on these courses to meet RG 146 compliance for so many years, they now no longer have the same relevance because of the introduction of FASEA standards.
“There is demand from licensees and the industry to introduce qualifications that represent a targeted focus towards paraplanners and superannuation specialists, so we are working on three new qualifications to reflect the changing nature of the industry and meet market demand.”
The financial services education provider said it would instead seek to offer the FNS60920 Advanced Diploma of Paraplanning, FNS40920 Certificate IV in Superannuation and FNS50720 Diploma of Superannuation in line with three new paraplanning and superannuation vocational education qualifications to be introduced by ASQA.
“The three qualifications are designed to provide significant benefits to the industry, where individuals develop not only in-depth knowledge and technical skills, but also the ability to support practices in developing and maintaining compliant back-office procedures,” Knight added.
“This will allow financial advisers and superannuation specialists to devote more of their time and expertise to delivering best-practice advice and service to their clients.
“The industry is focused on supplementing its talent pool over the coming years, so these qualifications will provide an accessible and suitable pathway for those who want to enter the financial services sector. They will also provide an ideal opportunity for career changers in this challenging economic environment.”
Last week, data obtained by financial planning practice sales broker Growth Focus revealed the FASEA educational requirement was, for many advisers, the driving force behind their decision to quit the financial planning industry.
