Associations back FASEA degree standard


By Megan Tran

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The Association of Financial Advisers (AFA) has welcomed the Financial Adviser Standards and Ethics Authority’s (FASEA) announcement of its first standard, which outlined the degree requirement pathway that will apply to new advisers entering the system from January 2019.

AFA chief executive Philip Kewin said the announcement offered a start in providing certainty and direction for employers and education providers in the sector.

“This is the first step necessary to provide certainty to those wishing to join the profession,” Kewin said.

“Of course the key task is providing clarity to existing advisers as soon as practicable.”

Kewin applauded FASEA chief executive Deen Sanders' approach to developing standards that was fully conscious of the implications for existing advisers.

“There is much at stake as we continue to build consumer trust in the financial advice profession through standards that recognise not only education but valuable skills and experience,” he said.

He added that the AFA was looking forward to being part of the collaboration and engagement to help design these standards for the financial advice profession.

FPA head of policy and government relations Benjamin Marshan expressed similar sentiments, saying the association had been involved in raising educational standards for planners for the past 25 years, and in 2012 had established the Financial Planning Education Council, whose framework FASEA had looked to in setting its new education standard.

“The FPA has been recommending to government since 2014 that increased education standards for new financial planners should be benchmarked off the great work that the FPEC committee and the tertiary education sector have done to develop these financial planning degrees,” Marshan said.

“FASEA’s decision provides recently graduated and existing students in FPEC approved courses with certainty that they will meet the new education standards and be able to move into their financial planning careers immediately.”

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