The Financial Adviser Standards and Ethics Authority has released its much-anticipated guidance providing clarity on incoming mandatory education pathways for existing financial advisers.
Under the newly proposed guidance, advisers will have already met the standards requirement if they hold an approved qualification under the FASEA/FPEC register, have completed an AQF7 or FASEA approved qualification by 1 January 2024, or have completed a course that offers “at least eight units/courses” at AQF 8 level covering the fields of ethics, financial planning and technical requirements.
Advisers who hold a qualification not recognised on the FASEA/FPEC register of approved courses (even one titled as a financial advice qualification) will need to undertake an approved course before the compliance date, undertake an approved bridging course or approach an approved education provider to make up their education through individual study.
FASEA says it expects more bridging options will become available from 2019.
To view the full announcement from FASEA, visit https://www.ifa.com.au/images/Existing-Adviser-Qualifications.pdf.
The release of the guidance follows the release of the standards authority’s framework for new entrants to the industry on 26 October 2017.
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