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Changes to Professional Standards for Financial Advisers

FASEA Releases Standards Blueprint (16 November 2018)

The Financial Adviser Standards and Ethics Authority (FASEA) have released further information regarding the revised standards framework for financial advisers following their consultation process.

FASEA Chief Executive Stephen Glenfield stated that "Legislative instruments are progressively being released for each of the standards which will be available for consultation for varying periods up to four weeks. FASEA will then review feedback received and finalise the standards".

For further information:

Information from the Assistant Treasurer, the Hon Stuart Robert MP (‘The future of advice’, Address to Association of Financial Advisers National Conference, Gold Coast, Queensland) (12 October 2018)

In a recent speech at the AFA conference on October 12th 2018, the Assistant Treasurer, the Hon Stuart Robert MP stated that the Financial Adviser Standards and Ethics Authority (FASEA) had completed its initial voluntary consultation regarding requirements for future educational, training and ethical standards for financial advisers.

Of note, the Assistant Treasurer outlined further information in relation to Recognition of Prior Learning (RPL) for financial advisers, specifically stating that those who had completed an Advanced Diploma of Financial Planning and other industry education would receive credits towards future study.

The full speech can be viewed by visiting http://srr.ministers.treasury.gov.au/speech/001-2018/.

Financial Planning legislation changes - New Education Standards (June 1, 2018)

FASEA has indicated that the education requirements for new entrants and existing advisers still require clarification. A process of consultation seeking stakeholder views is currently in process and will run until 29 June 2018.

FASEA has stated that:
"The Standards Authority recognises the importance of providing early guidance to Existing Advisers, to assist them to plan for their education and compliance goals over the next six years and has released proposed guidance that states:
the requirement for Existing Advisers to meet their obligation as a relevant provider, is that they have completed, by 1 January 2024, an AQF7 Degree as earlier indicated, or that they have completed, by 1 January 2024, a course that offers at least 8 units/courses, at AQF level 8."

Currently Mentor Education is waiting the outcome of this consultation process and the options for Diploma, Advanced Diploma Qualifications and RG146 specialist courses, it is anticipated that these will be recognised by articulation agreements towards accredited undergraduate programs (e.g. Bachelor awards) and experience towards accredited postgraduate programs (e.g. Graduate Diploma awards) in the future.

Existing advisors have a wide range of qualifications and accreditations and we anticipate that each individual's education and experience will need to be considered before establishing the appropriate pathway to meet the new education standards. It is important that we wait for the results of the industry consultation and clarity on bridging courses, units of study, the ethics unit and what impact this will have on requirements for further study.

Further information can be found at https://www.fasea.gov.au.

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