FASEA comments on 10-year rule

FASEA chief executive Deen Sanders has used a rare public appearance to provide more detail around a controversial element of the mandatory standards regime. 

Addressing the SMSF Association national conference in Sydney this morning, Dr Sanders responded to concerns about a stipulation in FASEA's proposed guidance, which states advisers who completed a financial planning qualification but "not within the last 10 years" may have to undergo further study. 

Dr Sanders clarified that FASEA has not yet made a final decision regarding the relevance of degrees obtained more than a decade ago but that the authority is looking at a similar academic policy as a possible measure of appropriateness.

“We made no statement that any degree older than 10 years is unnecessary,” he said.

“What we made a clear statement on was that this was referenced for how people might seek credit for the qualifications they already hold, in relation to higher education providers.

“I want to emphasise that that’s an academic policy, not yet a regulatory policy. We see it as relevant as a measure – qualifications will get stale – but we have not yet made a hard and fast rule about it.”

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Earlier in his speech, Mr Sanders noted that any degrees older than 1995 would have been studied prior to the implementation of the Corporations Act, adding that while this doesn’t mean degrees prior to this are irrelevant, that “qualifications are of their time”.

“People seem to be deeply offended at the idea of having a qualification from 30 years ago and having to go and get a new one, I can just tell you that that’s not necessarily a demonstration of professional strategy or success,” he said.

“Education is a continuous idea.”

Dr Sanders answered a number of pre-vetted questions from SMSFA stakeholders, but did not take any questions from the floor. 

FASEA comments on 10-year rule
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