The Financial Adviser Standards and Ethics Authority (FASEA) has issued new guidance that sets out what educational qualifications existing financial advisers will need to meet to remain, or become, a relevant provider.
The guidance, which is now open for consultation, seeks to alleviate some of the anxiety over the new requirements, and enable advisers to confidently plan ahead for their future.
"This announcement will provide early certainty around what will be required for financial advisers to meet the new requirements," said Kelly O'Dwyer, minister for Revenue and Financial Services. "Unless an adviser already holds a formal, approved qualification, they will be required to undertake some form of education leading to an AQF7 or AQF8 qualification.”
An AQF7 qualification is equivalent to a three-year, full-time university degree, while an AQF8 qualification is equivalent to a postgraduate certificate. Advisers will be required to complete either program before Jan. 1, 2024.
Kaplan Professional also welcomed FASEA's announcement, and urges advisers to positively and proactively embrace the new proposed education standards.
“Advisers must ensure they are part of a program that stands up with its academic and technical rigour,” said Kaplan Professional CEO Brian Knight. “I cannot stress enough the benefits of a purpose-built financial planning degree that offers contemporary teachings in financial advice and strategy at the highest level. Taking the initiative and starting now also benefits those advisers who are thinking ahead to their preparation for the industry-wide exam. They will be studying at an advanced level, which gives them plenty of time to build their confidence and deepen their knowledge.”
Click
here to access FASEA's “Proposed Guidance on qualifications pathways for Existing Advisers.”
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