The Financial Adviser Standards and Ethics Authority (FASEA) has confirmed additional approved degrees will meet mandatory education requirements for financial advisers from 2021.
The authority approved the Bachelor of Commerce degree majoring in Financial Planning offered by the University of New South Wales and the Graduate Diploma of Financial Planning offered by the University of Tasmania, stating advisers completing either course of study from the first semester of 2021 onwards would meet the education standard.
It also approved the Ethics and Professionalism bridging course offered by the University of Tasmania from first semester 2021.
The approvals took place in late December 2020 and followed a review of the courses after an application from the education providers.
“The approvals are recognition of the alignment of the listed courses with FASEA’s required curriculum and standards,” the authority said.
“The approved courses will be added to a future Degree, Qualifications and Courses legislative instrument.”
FASEA chief executive Stephen Glenfield noted: “The approval of these additional courses builds on the body of courses approved by FASEA and provides additional choice to advisers seeking to meet the education standard.”
In December, FASEA added to its list of approved degrees and qualifications and awarded credits for study to attain a professional designation offered by four professional bodies.
In September, it noted financial advisers with relevant postgraduate qualifications would have that study recognised as prior learning and be given credit towards meeting required education standards.
According to data obtained last year by financial planning practice sales broker Growth Focus, FASEA’s educational requirement was the main driving force behind adviser exits from the financial planning industry.
