FASEA locks in relevant degree standards
The Financial Adviser Standards and Ethics Authority has finalised the degrees, qualifications and courses to be regarded as relevant to become an adviser.
Under FASEA’s Relevant Providers Degrees, Qualifications and Courses Standard, advisers are required to complete a bachelor, or higher or equivalent qualification. The determination includes a list of current and historical degrees approved by FASEA.
FASEA said the standard was informed through consultation with stakeholders in March and June, and through 92 formal submissions during FASEA’s consultation process in November.
Further, it noted that stakeholder feedback during the consultation raised a number of suggestions has adopted in the final Legislative Instrument, Explanatory Statement, Education Pathways Policy and Accreditation Policy, including:
- approval of the newly formed Bachelor of Commerce (Finance and Financial Planning) at Curtin University;
- approval of the re-accreditation of Western Sydney University’s Bachelor of Accounting Financial Planning or Financial Planning and Taxation and Master of Financial Planning;
- the addition of financial planning (which includes financial advice areas of superannuation, retirement, insurance, estate planning etc) and investments (which include all types of investment e.g. shares, derivatives, foreign exchange, options etc) to the relevant degree definition;
- recognition of prior learning: advisers holding a non-relevant degree who have completed between four and seven of the relevant degree knowledge areas will be awarded two credits; and
- the definition of single units of study as about 120 hours of learning as per the AQF (e.g. eight course graduate diploma and 24 course degree).
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