The Financial Advice Association of Australia (FAAA) has provided feedback to Treasury on the “Education Reform for Financial Advisers” consultation paper.
The FAAA has seven key recommendations:
- Clarity of Impact. We recommend that the Government makes it very clear that this proposed reform will have no impact on existing providers who have already met the education standard, including via qualification for the Experienced Provider Pathway.
- Support for Existing Financial Advice Education Providers. In undertaking this proposed change to the education standard, we recommend that the transition is designed in a way to support those HEPs who have previously developed approved programs to ensure that they are not disadvantaged and can continue to make their courses available for potential students.
- Existing Approved Programs to Continue. We recommend that the Government allows all existing programs to remain approved and to continue to be available to potential students.
- Guidance for Licensees. We recommend that the Government facilitate the development of guidance for licensees to ensure that they are suitably aware of the criteria for the approval of study by new entrants.
- Inclusion of the Creation of a Statement of Advice in Accredited Subjects. We recommend that consideration be given as to how the creation of a Statement of Advice can be included in the accredited subjects.
- Participation in Curriculum Development. We recommend that the Government include the professional associations in the process to develop the revised curriculum and that ongoing refinement of the curriculum is approached on a co-regulation basis.
- Cost and Funding for Financial Advice Programs. We recommend that the Government consider the best approach to the packaging of financial advice education programs to ensure that courses can be provided in a manner to best enable access to Commonwealth funding and models for the deferral of payment.