The education and standards authority has released an update to its proposed education pathways and a draft code of ethics to commence the consultation process.
In a statement on its website, FASEA released new guidance which suggested all advisers will be required to complete at least one unit of study as part of a bridging course.
According to the new guidance, advisers with a bachelor's degree in a "related field" (including accounting, financial planning or advice, business, commerce, law or economics) will need to complete a bridging course of three study units.
Additionally, advisers with a degree and postgraduate studies in a related field will still need to complete a one-unit bridging course covering the new code of ethics created by FASEA.
Advisers without a degree will have to complete a relevant degree at bachelor’s level in order to continue practicing in the industry.
Speaking at the ASIC Annual Forum in Sydney hours after the new guidance was released, FASEA chief executive Deen Sanders said it was important to note that “financial advice is much bigger than financial planning” and that the standards are still relevant for life insurance providers as well as accountants and stockbrokers who deal in personal advice.
However, Mr Sanders said there was nothing in the guidance which would restrict education providers from providing specialised courses which met the requirements but also aimed to add value to specialist advisers’ practice.
“It’s hard to make an argument - but we welcome it in consultation - as to why [the bridging course] units would not be relevant to any participant in the financial services marketplace, but in terms of … the argument being people are being forced to do full financial planning qualifications, that’s certainly not our expectation,” he said.
“There’s nothing in this document that says that, it does say though that obviously[,] qualifications that deliver on these units should provide opportunities for specialisations, what we’ll be looking to hear from the marketplace in consultation.”
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