Foreign adviser qualification standards finalised
The Financial Adviser Standards and Ethics Authority has published its foreign qualification standard policy that includes a two-step assessment process for new advisers.
- 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.