The acting chief executive and general manager of AFA has taken aim at FASEA during a Senate economics hearing on Friday.
Phil Anderson said while the association welcomes the winding down of FASEA at the end of the year, it still has “more work” to do, including a review of the FASEA Code of Ethics.
“It is our view that there is still room for sensible changes to some of the FASEA standards, including better recognition of the prior study,” Mr Anderson said.
When pressed on the matter by senator Rex Patrick, Mr Anderson said advisers are not getting credit for their work.
“The education standard… does not adequately recognise experience for previous study and, in particular, CPD that’s been done by financial advisers,” he explained.
“There’s a lot of longer term financial advisers who are not getting any credit for what they’ve done in the past and required to do eight graduate diploma subjects.
“We have, on many occasions in the past, asked that FASEA look at, again, what the Parliament intended in that explanatory memorandum that went with the bill in 2017 to better recognise previous experience, study and education.”
Mr Anderson noted that AFA are “strong supporters” of the government’s recent “one-time, limited extension” for advisers to complete the FASEA exam, “given the volume and pace of change impacting financial advisers”.
It comes only days after FASEA released its proposed legislative amendment for consultation that will open up the final exam sitting of the year to all advisers.
In a statement, FASEA said it had released the Corporations (Relevant Providers Exam Standard) Determination 2019 Amendment for consultation.
“The draft amendment proposes relief from the 3 month registration requirement for November 2021 exam sitting,” the authority said.
“The relief will allow all candidates who have been unsuccessful at any prior sitting to sit the November exam.”
The May results were also released last week, with 69 per cent of the 1,894 advisers who sat the exam passing.
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