FPA welcomes Labor support for FASEA extension

From

Dante De Gori

The Financial Planning Association of Australia (FPA) welcomes the Labor’s support for the Treasury Laws Amendment (2019 Measures No.3) Bill 2019, which will grant financial planners an extension to complete new education requirements.

The FPA has strongly advocated for bipartisan support of this extension on behalf of all financial planners across Australia.

The Bill amends the Corporations Act to defer the transitional timeframes for the FASEA exam and tertiary education requirements. The transitional timeframe for the approved degree or equivalent qualification will be deferred by two years to 1 January 2026. The transitional timeframe for the approved exam will be deferred by one year to 1 January 2022.

Dante De Gori CFP®, CEO of the FPA, said the extension of the FASEA deadlines will give financial planners more flexibility to complete their study.

“Bipartisan support for the FASEA extension means financial planners will have more time to balance the new education requirements and regulatory requirements at work while maintaining a healthy home life,” Mr De Gori said.

“The FPA will continue to work with key stakeholders to ensure its members can continue their professional development within a flexible timeframe that respects the personal wellbeing of financial planners and their families.”

Financial planners are already taking action to sit the FASEA exam, commence their additional study and ensure their businesses are complying with the Code of Ethics.

Over 4600 financial planners have already completed the FASEA exam with more than 87 per cent passing.

Senator the Hon Jane Hume, Assistant Minister for Superannuation, Financial Services and Financial Technology, announced on 30 August 2019 that the Government will restore the full two-year period to pass the exam by extending the deadline for 12 months to 1 January 2022. The Government announced that it would also extend the deadline for meeting the FASEA education standard by 24 months to 1 January 2026.

“The FPA would like to thank Senator Hume for responding to our members’ request for assistance,” Mr De Gori continued.

With Labor’s support, the Bill is expected to progress through the Parliament in coming weeks.

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