The amendments include the approval of a number of current degrees and bridging courses, approval of historic degrees and adjustments to some historical course and or degree details.
Feedback on the draft amendments close at 5pm on 30 July.
It comes after FASEA approved ASIC’s covid advice relief last week. The corporate regulator put together an example ROA to help financial advisers when providing advice that was confirmed to be “consistent with advisers’ obligations under the FASEA Code of Ethics”.
Meanwhile, AFA acting chief executive and general manager Phil Anderson said on Friday that FASEA’s code of ethics need to be reviewed before it winds down this year.
During a Senate economics hearing, Mr Anderson took said FASEA standards should recognise prior studies undertaken by advisers.
The education standard … does not adequately recognise experience for previous study and, in particular, CPD that’s been done by financial advisers,” Mr Anderson said.
“There’s a lot of longer-term financial advisers who are not getting any credit for what they’ve done in the past and required to do eight graduate diploma subjects.”
You couldnt pay me enough to come back; and I took a huge financial hit in leaving. Much happier on the other side, even with all my degrees and exams done. Good luck everyone staying.
In the same position – agree 100%. My former colleagues are envious of me – they just cannot hack the relentless, nonsensical ‘reforms’.
Seriously, I finished my masters just late last year and costing me $40l. Now you are going to change again. This is becoming a joke.
Too little too late – seriously the amount of stress you have put us all through you should be thoroughly ashamed of yourselves. I am disgusted that at this late date you are amending directions that many of us have done. You need to pay me for the time I’ve spent and the stress you have put me under to comply with your rules. It won’t be cheap FASEA I can assure you. We are talking hours of work here that you are thinking of amending and saying I didn’t have to do this afterall.
So I am on my 5th and final unit for the Grad Dip. A lot of financial, Business, and Family stress has gone into accomplishing this throughout the last 18 months. If FASEA turn around and say I didn’t need to do any or some of these units am I able to get a refund from FASEA?
What a mess! Policy on the run by people who have no idea what their decisions create.
What about the FASEA exam this exam is not a fair exam, it is designed to trick the candidate, FASEA denies this of course. I would like to give them an exam.
bit it’s too late – those advisers left or kicked out of the industry – moratorium to come back..?
Degree gone!!
They’re slowing walking away from the degree requirement. Maybe the number of adviser may stay above 10,000 after all.
FP should survive, but not sure about the FPA. The FPA sold planners out to the institutions/gov’t, now they’re going woke!
Looking like a death spiral.
Woke is an understatement.
If they ARE slowly walking away from the degree requirement then they’d better damn well hurry up about it. Many advisers are not doing this so called unnecessary ‘exam’ because they know they can’t do the degree or don’t want to do it due to cost/time constraints. They will continue to lose advisers, GOOD experienced advisers, every day until they reverse this degree madneww ESPECIALLY for risk advisers who have a totally different discipline but are ‘lumped in’ with financial planners/investment advisers. Makes as little sense as ever. I know, I’m one of those riskies on the knife edge of selling up right now after 33 years.
i started my exit strategy about 5 years go. i’m gone. but did not want to. …welcome back kotter..?
Yes, well done if it worked for you. I hope it works for me and I’m in the middle of it now. Happily, at age 60, I have the resources to be able to do it, just – or at least I believe I do – never been a self funded retiree before but now is just around the corner for me! God help the advisers who are older but really needed another 10-15 years or so to get there financially and are now unable to retire and have only two choices: sell up prematurely and risk retirement on inadequate funding OR stick it out and fail miserably at the exam and/or these wholly unnecessary degrees.
We MUST remember – these older advisers KNOW the right way to look after clients. The fact that they ,ay not be able to handle exam conditions will be grossly unfair and a travesty of they are forced to do these exams/degrees. Please, we need moderation and common sense. I do NOT want to leave but feel I have little choice – for these very reasons. Don’t even start me on the fun-sucking compliance burden if I do stay, which I won’t.
It makes me sick – absolutely vomitous sick that good, older and experienced advisers are being forced out prematurely when they still have so much to give their clients – loyalty, honesty, hard work, value. Just for example, tell me the sense in forcing a risk adviser (helping clients with term, trauma, income protection) to do ASQ level 8 (or whatever they’re called) uni degrees just to advise on these things like he has successfully for 3+ DECADES!?
Where, for example, is the dedicated risk exam from FARCE-IA? These are all the things that the reprehensible govt bureaucrats and special interest groups responsible for this farce do NOT have. Politicians and miscellaneous govt turds making themselves look relevant and re-electable at this very high cost. Sickening! No client best interest duty in the lexicon of those trollish entities.