FASEA locks in educational pathways policy

FASEA locks in educational pathways policy

The Financial Adviser Standards and Ethics Authority has finalised its policy around educational pathways for advisers, including a defined recognition of prior learning framework for existing advisers.

Under its final FPS001 Education Pathways Policy, the maximum requirement for a new entrant will be an approved bachelor degree of 24 subjects and for an existing adviser will be a graduate diploma of eight subjects, FASEA said in a statement.

The minimum requirements for a new entrant will be an approved graduate diploma of eight subjects. For an existing adviser, it will be one subject being FASEA’s bridging course – the FASEA Code of Ethics and Code Monitoring Bodies.

“The amount of education an adviser will be required to undertake will depend on the amount of education they already have,” FASEA said.

“Recognition of prior learning will be available for an advanced diploma of financial planning (including the historical eight-course Diploma of Financial Planning), completion of approved coursework to attain a designation and completion of relevant degree subjects.”

FASEA said the consultation process, involving 92 submissions received in November 2018, gave them the opportunity to refine the pathways such that:

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  • Financial planning (including financial advice areas of superannuation, retirement, insurance and estate planning) and investments (including investments such as shares, derivatives, foreign exchange and options) have been added as relevant degree subjects; and
  • Advisers holding a non-relevant degree who have completed between four and seven of the relevant degree knowledge areas will be awarded two credits as recognition of prior learning.

FASEA also confirmed intentions to update the Corporations (Relevant Providers Degrees, Qualifications and Courses Standard) Determination 2018 on a regular basis to add further approved historical degrees, new programs and courses pursuant to its accreditation process.

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