FASEA releases degree guidelines

27-Oct-2017

By Megan Tran

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The Financial Advisers Standards and Ethics Authority has released its first guidelines around the new professional standards regime and confirmed that forthcoming guidelines will be released gradually as the authority adopts a “structured approach” to establishing new standards.

The new guidelines relate to the framework for accrediting providers of approved degrees for new entrants to the industry.

New entrants to financial advice will need to attain a bachelor’s degree made up of 24 courses, which must cover 12 core elements including ethics, technical requirements and financial advice processes.

For those considering a career change, further learning at post graduate level covering the same fields is needed, the authority said.

FASEA chair Catherine Walter said the authority would adopt the Financial Planning Education Council framework with regard to degree content in the first instance to “provide direction for employers, higher education providers and students”.

The authority said it would be establishing working groups to assist the review and implementation of the framework, in order to develop standards that responded to “the broader requirements of the legislation and the needs of industry”.

“We are mindful of the real and practical consequence of our work on the many advisers in the industry, and the need to clarify transition issues for those who need to meet their obligations by January 1, 2024,” FASEA chief executive Deen Sanders said.

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