Over the last few months, there have been several important developments impacting the Adviser Professional Standards, particularly regarding the Adviser Exam and the Education requirements.
Adviser Exam
In June, the first sittings of the Financial Adviser Standards and Ethics Authority (FASEA) Adviser Exam were held. FASEA also released preparation materials to help Advisers get ready to sit the Exam.
FASEA has also opened registrations for the September 2019 and December 2019 sittings and added some regional locations for the Exam.
Education Standard
Tools and services to confirm your pathway
FASEA has launched an online tool to help Advisers or New Entrants clarify their pathway. This may be helpful for Advisers who are able to determine how their education is classified under the FASEA guidance available (for example, whether the degree they hold is considered ‘relevant’).
For Advisers where there is some uncertainty, FASEA has opened an Australian Qualification Feedback Service. This service allows advisers to receive specific feedback from FASEA on their qualification(s) and pathway for a fee.
Advisers intending to rely on non-Australian qualifications can apply to FASEA through its Foreign Qualification Assessment Service, which was launched in May. This is a requirement for Advisers who wish to have their overseas qualification(s) recognised. Prior to applying to FASEA, Advisers will need to have their non-Australian qualification(s) assessed by a Department of Education and Training (DET) approved body.
Additional approvals and recognition of prior learning
FASEA has approved further Professional Designations coursework in June and July, providing recognition of prior learning for those who completed study for:
- Association of Financial Adviser’s (AFA) Fellow Chartered Financial Practitioner (FChFP) - commenced in or after 2013
- AFA’s Chartered Life Practitioner (ChLP) - commenced in or after 2013;
- SMSF Association’s SMSF Specialist Adviser - (9 topic areas)
- Chartered Accountants Australia and New Zealand’s (CAANZ) Chartered Accountant Program commenced in or after 1972
- Certified Practicing Accountants’ (CPA) Australia, CPA Program commenced in or after 1989
These are in addition to the Financial Planning Association’s 5 Unit CFP Program – commenced after 2003, which was approved in March 2019.
In July, FASEA approved some historical Graduate Diploma courses. These approvals mean that some advisers who were previously thought to have a relevant degree are now considered to have an approved degree and hence a lower amount of future study required to meet the FASEA standard.
Approvals for current courses to meet the FASEA standard
In June 2019, FASEA approved the first tranche of new Graduate Diplomas and Bridging Courses, paving the way for education providers to open enrolments for their courses and allowing Advisers to commence their study.
Further information
We have updated our more detailed articles on to take into account of these developments. See:
