Financial Adviser Standards and Ethics Authority
The Corporations Amendment (Professional Standards of Financial Advisers) Act 2017 established the Financial Adviser Standards and Ethics Authority (FASEA) in April 2017, to set the education, training and ethical standards of licensed financial advisers in Australia.
The new requirements commenced on 1 January 2019.
New Entrants are required to hold an Approved Degree before they commence their Work and Training (Professional Year) requirement. They must be mid way through their Professional Year before they are eligible to sit the Financial Adviser exam and commence using the term Provisional Financial Adviser or Provisional Financial Planner.
The annual requirement for 40 hours Continuous Professional Development commenced on 1 January 2019. Provisional Financial Advisers will be required to undertake CPD after completion of their Professional Year.
Existing Advisers have until 1 January 2021, to pass the Financial Adviser Exam and until 1 January 2024, to reach an education standard equivalent to an Approved Degree.
The Code of Ethics will commence on 1 January 2020, with all Financial Advisers required to adhere to the Code from that day onwards.
New Entrant
I would like to enter the financial advice industry and want to know where to start
Existing Adviser
I am an Existing Adviser and want to know what I need to do to meet the standards
Higher Education Providers
I am a Higher Education Provider looking to offer accredited courses
FASEA Standards
View details of FASEA’s standards for New Entrants and Existing Financial Advisers
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The Financial Adviser Standards and Ethics Authority Limited was established in 2017 to set the education, training and ethical standards of financial advisers in Australia.
The Financial Adviser Standards and Ethics Authority Limited was established in 2017 to set the education, training and ethical standards of financial advisers in Australia.