Phil Anderson said while the association welcomes the winding down of FASEA at the end of the year, it still has “more work” to do, including a review of the FASEA code of ethics.
“It is our view that there is still room for sensible changes to some of the FASEA standards, including better recognition of the prior study,” Mr Anderson said.
When pressed on the matter by Senator Rex Patrick, Mr Anderson said advisers are not getting credit for their work.
“The education standard… does not adequately recognise experience for previous study and, in particular, CPD that’s been done by financial advisers,” he explained.
“There’s a lot of longer term financial advisers who are not getting any credit for what they’ve done in the past and required to do 8 graduate diploma subjects.
“We have, on many occasions in the past, asked that FASEA look at, again, what the Parliament intended in that explanatory memorandum that went with the bill In 2017 to better recognise previous experience, study and education.”
Mr Anderson noted that AFA are “strong supporters” of the government’s recent “one-time, limited extension” for advisers to complete the FASEA exam, “given the volume and pace of change impacting financial advisers”.
It comes only days after FASEA released its proposed legislative amendment for consultation that will open up the final exam sitting of the year to all advisers.
In a statement, FASEA said it had released the Corporations (Relevant Providers Exam Standard) Determination 2019 Amendment for consultation.
“The draft amendment proposes relief from the 3 month registration requirement for November 2021 exam sitting,” the authority said.
“The relief will allow all candidates who have been unsuccessful at any prior sitting to sit the November exam.”
The May results were also released last week, with 69 per cent of the 1,894 advisers who sat the exam passing.
The FASEA approved degree list is absolutely bonkers! Why are the major schools in the country not recognised? For example, Melbourne Uni, Monash, USyd etc. The Bachelor degree in Commerce should meet the education requirements for FASEA.
Too Late
Thanks Phil Anderson & the AFA.
Can you also raise the discriminatory impact of the FASEA education pathway on behalf of those of us who work in the “Corporate” sector of Financial Services.
I was hoping to continue my education by upgrading my qualifications to the Masters of Fin Planning but learned that if you were not on the Financial Adviser Register (FAR) between 2016-2019 you receive NO Recognition of Prior Learning (RPL) for any study (Adv DFP, CFP & Grad Cert) older than 10years. FYI (an Adviser who has completed the same education will get RPL with No time limit, just because they were on the FAR.
It is very difficult to accept that my knowledge counts for nought.
After a 20+ year Financial Services industry career including working as an Adviser, it is beyond disappointing that I no longer have career options available to me. Should my corporate career be terminated through no fault or choice of my own I cannot even return to an advisory role that I am eminently qualified to fulfil and may find myself on the employment scrapheap.
I think the term often used by politicians is “unintended consequence of the legislation”
Perhaps politics should be my career change.
Disappointed, please do. I’ll vote for you. We need one person in Canberra who’s not a complete idiot. The rest are.