Minister for Revenue and Financial Services Kelly O’Dwyer has told the AFA she will raise member concerns regarding the incoming professional standards with FASEA.
In a letter to members, AFA chief executive Philip Kewin said the association had met with Ms O’Dwyer on Monday to explain numerous concerns members have with regard to FASEA’s professional and education standards for advisers.
“We have a number of serious concerns about the proposals and the negative impact they will have on the future of advice and the impact on the broader community,” said Mr Kewin.
“We specifically addressed our concerns with the education standards, including the definition of a related degree and the lack of recognition for unrelated degrees, advanced diplomas (or DFP 1-8), and professional designations. We also took the opportunity to express our concerns about the potential impact upon the financial advice profession if a practical solution could not be found.”
Mr Kewin said the national exam was also flagged with the minister, specifically regarding the lack of detail currently available on the content of the exam, as well as the length and the marks required for a passing grade.
“The minister expressed a view that this appeared to be unreasonable. She did make the point that this was a consultation process, however we noted that consultation should not be run on the basis of ambit claims and unreasonable expectations as the starting point,” Mr Kewin said.
“The minister noted that FASEA was an independent body, however she agreed to discuss our concerns with them.”
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