FPA welcomes FASEA’s proposed guidance on qualification pathways for existing planners


Dante De Gori

The Financial Planning Association of Australia (FPA) welcomes the Financial Adviser Standards and Ethics Authority (FASEA) announcement that provides clarity on incoming mandatory education pathways for existing financial planners.

The FPA supports the guidance provided and the opportunity to contribute to the consultation process, and will be working closely with FASEA, the education sector and members to ensure practical pathways for existing planners including the process for recognising prior learning.

The FPA supports the need to raise education standards for all financial planners with any transition to be implemented in a practical and appropriate manner that enables existing financial planners the opportunity to not only upskill their qualifications, but continue to service their clients and run their advice businesses.

Dante De Gori CFP® , FPA CEO, said: “We are supportive of FASEA’s framework and welcome the clarity provided by today’s proposed guidance on qualifications and pathways for existing planners. This guidance follows on from the FPA’s 100-point plan qualification checklist that was proposed after consultation with our members during this year’s FPA Roadshow.”

“The guidance will certainly help alleviate some of the anxiety financial planners are feeling about future compliance as some of their prior learning and existing studies will be considered to avoid duplication. We look forward to reaching the finalisation of this standard with FASEA once the consultation process has ended on 29 June 2018.”

The proposed guidance advises that the requirement for existing financial planners, is that they:

  1. Have completed, by 1 January 2024, an AQF7 qualification that is an approved qualification (i.e. one that is on the FASEA/FPEC approved register), or
  2. Have completed, by 1 January 2024, a course that offers at least 8 units/courses, at AQF level 8, covering fields that include:
  • ethics, professional attitudes and behaviours
  • financial planning and advice process
  • technical requirements

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