FASEA registered the 2020 Legislative Instrument and Explanatory Statement for its Corporations (Relevant Providers Degrees, Qualifications and Courses Standard) Determination 2020 on the Federal Register of Legislation, according to a statement.
FASEA said the determination was informed through several formal submissions during its consultation process in December 2019.
The new legislative instrument expands the list of approved education programs and courses available to existing advisers and new entrants seeking to meet FASEA’s education standard.
It also includes FASEA-approved recognition of prior learning (RPL) for education undertaken to attain professional designations and the associated credits appropriate for the existing adviser pathways set out in its Education Standard.
Finally, the 2020 determination includes amendment to historical course/degree details provided to FASEA by higher education providers post registration of the 2018 determination.
“We thank stakeholders for their constructive input during the consultation process for FASEA’s Relevant Providers Degrees, Qualifications and Courses Standard and are pleased to have reflected this input where appropriate in the legislative instrument,” said FASEA chief executive Stephen Glenfield.
The document is a joke. How much time and money has been wasted? Not just FASEA’s, but all of the university employees who have been going backward and forward, delving into archives and constructing every possible combination of every financial planning degree every undertaken by any student. It’s unbelievable. All FASEA had to do was state that any degree, Grad Dip or Masters in FP or with an FP major, completed or commenced prior to a certain date was approved. That’s it. One sentence. Instead, FASEA decided it would be better to waste enormous amounts of time and money on this insane document which achieves nothing. Except perhaps, make FASEA look like they are doing something useful. Come to think of it, that’s all that FASEA and the board ever seem to care about. It’s all about appearance. They don’t give a hoot about consumers, or the profession.
With FASEA, ASIC, TPB, FPA I am not sure that we have quite enough regulatoin. ANy chance we can get a few more into the mix?
Sure… Austrac, AFCA, Privacy Commissioner. And coming soon the new Hayne/Frydenberg financial adviser disciplinary body.
While not forgetting the role that platform providers are increasingly playing as an additional regulator of client fee arrangements.