FASEA clarifies Foreign Qualifications Assessment process.

To meet the education and training standards of the Corporations Act, financial advisers holding a foreign qualification are required to apply to FASEA for approval of their qualification.

FASEA has released its online Foreign Qualifications Assessment Service form. The form enables persons with qualifications obtained outside of Australia to apply to FASEA for approval of their foreign qualification.

When applying to FASEA, a person needs to provide an assessment of the qualification by a Department of Education and Training (DET) approved body as well as a certified copy of an academic transcript of the qualifications.

FASEA will assess the foreign qualification for equivalence to degrees or qualifications already approved by FASEA.  FASEA may specify courses for the new entrant or existing adviser to complete in addition to their foreign qualification.

As FASEA approves Foreign Qualifications they will be added to FASEA’s Foreign Qualification Precedent Database.

“The opening of the Foreign Qualifications Assessment Service will enable persons holding international qualifications to obtain approval of their qualifications and to confirm any further education they must undertake to continue operating in the industry after 1 January, 2024,” FASEA Chief Executive Officer Stephen Glenfield said.

NOTE: For clarity, a new entrant or existing adviser with foreign qualifications must provide to FASEA:

• a certified copy of a DET assessment for each qualification;
• a certified copy of the academic transcript for each degree or dipl

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