In a statement released on Wednesday, the authority said it had released draft amendments to the Corporations (Relevant Providers Degrees, Qualifications and Courses Standard) Determination 2020 that would include two credits of recognition of prior learning for existing advisers who had completed both a relevant degree and a post graduate relevant degree.
Under the proposed amendments, “existing advisers who have completed both a relevant degree and a relevant post graduate degree will only be required to complete two bridging courses – including ethics for professionals – to meet their education requirements”, FASEA said.
The amendments also added a number of approved degrees that FASEA had recognised over the course of the year, as well as adjusting some historical course details provided by higher education providers.
The authority said feedback around the amendments would be open until 11 September.
Too late as you well know FASEA. You have failed. My advice to you is to shut your doors and go work for the education institutions where you will make a pile of money thanks to all your BS education standards. Everyone hates you – just start reading the comments. No one supports what you are doing and I speak with many advisers who are really hurt but what you are doing. They are having to retire early as they can’t study and run their small business. There isn’t time to do both nor the money to employ people to do the work. You are a big disappointment. I am sure you are telling yourselves that you are doing the right thing but you are not.
AFS regulation has become so dysfunctional I handed in my license. What a brilliant decision !! It made me really look at the Corps Act and spot there is a LOT I can still do without an AFSL. Only ‘product advice’ is caught. But that is just a sliver of the help clients want. Thanks for doing such a sh#t job policymakers and lawmakers. I can now run an efficient business helping real people in the way they want help. If they really want the ‘product advice’ bit they’ll have to go pay $3k for a couple of trees worth of paperwork they can’t understand and a wrap product that’s chock-full of fees. The rest will just use a default option.
Financial planners banned for wrongdoing, which is correct, don’t see the same level playing field for the big end of twon
The only advisers that will be left will be the 1000 or so intrafund advisers, who have ample time to sit around & study, given they don’t have to waste a second chasing up opt in informed consent forms for their ongoing salaries & bonuses. Retail advisers (who are not being paid ongoing vertically integrated product based intrafund fees) are being stitched big time by the Industry Funds. And they know it.
Using FASEA and Consult in the same sentence is an oxy-moron. They will go through the motions of “Consulting” but will not take into account any suggestions or recommendations provided to them by the true professionals who have been involved in the industry for 25 plus years.
They took this same approach back in November when they “consulted” on the Code of Ethics and then after agreeing to changes to make these workable went back to their own non-workable definitions. FASEA aloing with ASIC are to totally conflicted government bodies who act without ethics consistently when forcing a code on as as Financial Planners.
Nothing FASEA has done is in anyway going to improve the advice which si provided to clients, and has actually resulted in longer advice documents due to all of the additional regulatory items which need to be ticked off. This naturally means increased costs to the consumer. This is what happens when you have a board made up of a bunch of academics, an ethicist and “Consumer” representatives who are already anti-Financial Planners anyway.
There will be a mass exodus of experienced planners over the next 5 years to be replaced by new graduates without any experience in managing clients through good and bad times.
Another pathetic attempt to appear that they are listening to advisers, but in reality giving nothing away. Why are they so determined to cause disruption, and go far beyond the mandate delivered by the Government and the recommendations from the Parliamentary Inquiry that lead to it’s formation? It seems a bizarre, arrogant and counter-productive approach.
Does 30 years experience count for anything?
Total Joke. I have Bachelors Degrees in Accounting and Commercial Laws with units in Financial Planning plus DFP and DipFin and 40 years industry experience with zero complaints but yet the regulators say…..”Not good enough…..you need to study more…..to be professional”. Well…..it appears that on 31/12/25 I will be part of the mass exodus when a massive brain drain happens to this industry.
FARSEA are so corrupted and disgustingly UnEthical !!!
Rob i agree but shouldn’t you only have to do ethics course? I’m similar and thats my pathway.. FARSEA you are just trolling.
FARCE-IA . . .
so Rob – are you ditching your AR and your AFSL..?
or sell it ..?
Another Waste of time. This will change nothing in terms of the adviser exodus which now can not be stopped. Too late the horse has bolted. Well done to all the architects of this mess. You’ve truly outdone yourselves.
yes, the horse has bolted.
In Jan 2026, there will be an exodus like you’ve never seen. It’s a FARSEA alright.
More correctly it is FARCE-IA
I got out of the industry several years ago but my post graduate diploma is still accredited… I’m still not keen to come back. Bureaucracy gone mad & the average clients suffer.
FASEA needs to expand relevant degrees to include Education, Psychology and Marketing, or if nothing else, apply half value recognition for subjects in these disciplines.
Glad to see that the Advanced Diploma and many years’ experience (as well as a clean compliance record) still count for nothing!
Also, when are the politicians all going to be required to undertake an Ethics course?
yea it sucks doesn’t it.
Interesting development. Now is the time for the FPA to strike! Dante & Ben, get in there and fight to get more credits for the CFP designation. It’s a ridiculous situation that this cannot be resolved. Happy to complete the ethics course (even though I’m told that the ethics subject I completed as part of my law degree doesn’t count! For that matter, none of my law degree counts. Who are these bozos making these idiotic decisions??!! I’d even consider the completing the behavioural finance course, but nothing more. Otherwise, I’ll be leaving the industry. Note that many of us 20 year blemish free CFPs will be chucking it in…fed up with the BS. Good luck with a bunch of green recruits with a “relevant degree” providing advice to Australians. I’ll bet Dante, Ben and Sergeant Schultz (Stephen Glenfield) wouldn’t be too comfortable letting any of their family or friends obtain advice from these inexperienced guys!
leave the industry. is my advise. you’ll be happier
Just boycott getting an AFSL like accountants all did.
There are enough random AFS exemptions in the Corps Act to get by
HAHAHA what about that useless ethics course that the FPA championed as part of their CFP- What an absolute waste of time. Why wouldn’t you be able to get a credit for that unless it was a complete load of BS. Absolute joke and mess has been created with all this so called professionalism. Laughable if it wasn’t so serious.
Been an adviser for 25 years, 98% of the time a self employed business person and yet one of the 5 courses I have to do (DFP CFP isn’t good enough) is “Client Engagement”! Seriously? That’s not to mention the Superannuation, Insurance and Investment courses I have to also do which must assume for the past number of years I haven’t been doing anything at all….
i know how you feel
It’s a bloody joke.
And academics wonder why they get all the hate. Well, stop forcing your short comings on to us that actually work for a living.
What this is really about $$$$$$$$$
yeah but some of the degrees could be more than 10 years old – outdated education…!!
that cannot be relevant and up to date….pure bullshit this is.
so if some one has a DFP or a ADFP say less than 3-5 yaers old – they get very little..?
that is wrong.
With advisers who have over 35 or 50 years experience in the Industry, it would be an excellent idea that they should be Grandfathered —- their are so many in this category who will be lost to the industry just when experience is so necessary
If they pass the exam they won’t be “lost to the industry” until 2026 Mr. Baker!
that is not true = really
i agree. 100% – it was dumb that they did not grandfather
Wtf ?
Originally FARSEA said a relevant degree was 4 credits.
Full DFP was 2 credits and
combined they actually counted as 7 credits.
Thus well educated advisers had to do the BS Ethics course only + stupid exam.
Now seems they have reduced relevant degrees to ONLY 2 credits.
So I spend 3 years at Govt Uni doing Economics and Business Law. Both relevant subjects.
The huge actual costs and massive time costs and the same freaking Govt tells me my degree is only worth 2 credits.
24 Uni subject degree is worth 2 credits – wtf !!!
GO AND GET STUFFED FARSEA!!!
You are so disgustingly corrupt.
a relevant degree is still worth 4 credits. What this says is if you have a relevant degree and relevant post grad you will only need to complete 2 subjects instead of the previous 4 subjects
The completion of a 4 year Bachelor of Education degree or Masters of Education degree plus appropriate experience and additional industry qualifications should be recognised as a relevant degree.
The provision of advice requires the skills to relate and explain complex principles and strategy to clients in an understandable and clear format on which they can then base important decisions.
The psychology of learning principles and the innate ability to identify and/or recognise a lack of comprehension relating to complex information, is an integral skill required for quality planning.
This is after all a teaching profession as well as the planning,delivery and management of technical strategy and application.
These degrees should be recognised by FASEA as relevant to the profession of financial planning due to the inherent interpersonal skill set and knowledge of learning principles and strategy.
all education should be allowed. that i fair.
They know full well that this wont make an ounce of difference to the majority of current advisers.
A controlling body basically full of garbage. No doubt the FPA will be foaming at the mouth in full agreement with them.
I am an adviser who has moved from the UK. I was surprised when FASEA completely disregarded my Diploma in Regulated Financial Planning (the sole qualification required in the UK to give holistic financial advice), yet factored in my BA in History and Politics. I am currently working again to become qualified, and so much of what I am studying now I have already studied in the UK. The cost, time etc in redoing all this did make me consider a career change and avoid re-entering the industry here.
Prof. Bumble and Dr Longstuffed need to consider their conflicts of interest and resign from the FASEA board immeadiately.
They don’t pass the Standard 3 requirement.
What about the ambiguous standards & how they can be applied in the realities of the commercial world, how about addressing them?