The policy’s two-step approach starts with an examination by a DET approved body, including the Chartered Accountants of Australia and New Zealand (CA ANZ) and Certified Practicing Accountants (CPA) associations.
It is then followed by an assessment by FASEA as to the equivalence of the foreign qualification approved under the FPS001 Education Pathways Policy.
“We are pleased to release the foreign qualifications policy as it provides guidance for financial advisers holding foreign qualifications and defines the role of FASEA in approving foreign qualifications,” Stephen Glenfield, chief executive of FASEA, said.
The policy was based around 12 submissions and various stakeholder forums during FASEA’s consultation process for this standard in July and August.
FASEA approved foreign qualifications will be added to its Foreign Qualification Precedent Database, available on its website.
Submissions close 14 December.
Nobody but noby of the overwhelming majority gives a rats arse about foreign qualifications . If a CFP and degree in Eco doesn’t satisfy , and nobody knows whats what in Australia , why waste your time . Bed down a reasonable sensible solution in Australia first !!!!
Thank God that FASEA selected a “professional” association like CPA Australia (they don’t get funding from Product Manufactures and only allow individuals to be members) to make a call on Foreign Degrees.
If the FPA had any involvement, Planners with Foreign qualifications would all have to enroll in a FPA / Deakin Uni/ AMP white labled/badged degree courses. cha ching for the FPA. cha ching for a Uni.
As soon as the Product Backed FPA stops meddling in legislation the better it is for all planners and Australians.
Considering that there are no universal rules relating to superannuation, tax, investments, life insurance, estate planning etc, and that the Australian financial system is very different to any other around the world, I can’t see how foreign qualifications could pre-qualify for many units. Especially with Australian qualified financial degrees and CFPs more than 10 years old not counted.
I have an Economics Degree from the UK – more than ten years old. Are you saying this should not be counted? Really?