The Financial Planning Association of Australia has welcomed Labor’s support for an extended deadline for advisers to complete FASEA’s education requirements, essentially guaranteeing the bill’s support through Parliament.
The government’s Treasury Laws Amendment (2019 Measures No.3) Bill 2019 amends the Corporations Act to defer the transitional time frames for the FASEA exam and tertiary education requirements.
The transitional time frame for the approved degree or equivalent qualification will be deferred by two years to 1 January 2026. The transitional time frame for the approved exam will be deferred by one year to 1 January 2022.
Assistant Minister for Superannuation, Financial Services and Financial Technology Jane Hume announced an extension of the FASEA deadlines in August last year.
With Labor’s support, the bill is expected to progress through the Parliament in the coming weeks.
FPA chief executive Dante De Gori said the extension of the FASEA deadlines would give financial planners more flexibility to complete their study.
“Bipartisan support for the FASEA extension means financial planners will have more time to balance the new education requirements and regulatory requirements at work while maintaining a healthy home life,” Mr De Gori said.
“The FPA will continue to work with key stakeholders to ensure its members can continue their professional development within a flexible time frame that respects the personal wellbeing of financial planners and their families.
“The FPA would like to thank Senator Hume for responding to our members’ request for assistance.”
Adrian Flores is a deputy editor at Momentum Media, focusing mainly on banking, wealth management and financial services. He has also written for Public Accountant, Accountants Daily and The CEO Magazine.
You can contact him on [email protected].
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