FASEA releases Foreign Qualifications Policy for consultation

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FASEA has released its policy on Foreign Qualifications for consultation. The policy was informed from consultation received through 12 submissions and various stakeholder forums during FASEA’s consultation process for this standard in July and August 2018.

The policy contemplates a 2 step approach:  an assessment by a Department of Education and Training (DET) approved body, including the Chartered Accountants of Australia and New Zealand (CAANZ) and Certified Practicing Accountants (CPA) associations and then an assessment by FASEA as to the equivalence of the foreign qualification to a degree or qualification approved under FPS001 Education Pathways Policy.

Upon receipt of a certified copy of the individual’s qualification and a copy of the DET assessment from the DET approved body, FASEA will determine the requirements for the new entrant or existing adviser under FPS001 Education Pathways Policy.

FASEA approved foreign qualifications will be added to FASEA’s Foreign Qualification Precedent Database and be available on FASEA’s website.

“We are pleased to release the Foreign Qualifications Policy as it provides guidance for financial advisers holding foreign qualifications and defines the role of FASEA in approving foreign qualifications,” FASEA Chief Executive Stephen Glenfield said.

The Policy can be viewed here

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