Under the standard, new entrants and relevant providers are required to undertake a two-step process:
- an assessment by a Department of Education and Training (DET) approved body, for example the Chartered Accountants Australia and New Zealand (CA ANZ) and Certified Practicing Accountants (CPA) associations; and
- an assessment by FASEA as to the equivalence of the foreign qualification to a degree or qualification approved under FPS001 Education Pathways Policy.
FASEA said it will then determine the requirements for the new entrant or existing adviser (as defined under s1546A of the Corporations Act 2001) under FPS001 Education Pathways Policy.
The standard was informed through consultation with stakeholders in August 2018 and through eight formal submissions during FASEA’s consultation process in November 2018
It said it adopted suggestions including clarifications that New Entrant Foreign Qualification assessment will include a gap assessment of FASEA knowledge areas and/or Australian regulatory and legal obligations of financial advisers, and that a process will be available to request a review of FASEA’s assessment decision for a fee.
FASEA is a joke. No respect given. None returned. Rather than create an air of optimism it has created an atmosphere of doom. An opportunity to build up and create has been lost through the complete incompetence of this body. Awful messaging. Terrible leadership. A complete and total disaster.
I have an Economics Degree from London – how will i go?
Not well I suspect….
you’ll be banned from life along with the rest of us for not having a degree from the board members’ own university offering.
I suspect your right – when reading FASEA rules, it now seem obvious that in order to push as many student numbers through the Education industries cash machine, first thing to do is ban all every qualification from almost anywhere – then the cash machine will get well used. How ethics fits in the FASEA name is just putting the finger up at Financial Planners.