Relevant Providers Degrees, Qualifications and Courses Standard Legislative Instrument
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Section 921U (2) (a) (i) of the Corporations Act 2001 (the Act) requires FASEA to approve bachelor or higher degrees, or equivalent qualifications that relevant providers are required to complete under Section 921B(2)(a) of the Act. This Act includes the possibility of recognition of prior learning (RPL) for completed formal and informal study pursuant to section 1546B(1)(b).
FASEA proposes in FPS001 a revised set of education pathways for new entrants and existing advisers including a further defined recognition of prior learning (RPL) framework for existing advisers.
FPS001 provides guidance around the course credits that will be available for the Advanced Diploma of Financial Planning (including the historical eight course Diploma of Financial Planning – “DFP 1-8”) and coursework undertaken for industry designations such as the FPA’s 5 unit Certified Financial Planner designation or the AFA’s Fellow Chartered Financial Planner designation, which together with other relevant designations will be considered for approval by FASEA in accordance with FPS002.
RPL will be available for the 8 subject graduate diploma as well as bridging courses on the Corporations Act and Behavioural Finance, Client and Consumer Behaviour and RPL will also be available for the new entrant pathway as per the policies of approved education providers for both the bachelor degree and graduate diploma programs.
FASEA released "Proposed guidance on education pathways for all advisers" on 20 March 2018 inviting submissions by 29 June 2018.
During the submission period FASEA consulted with key stakeholders representing industry associations, individual financial advisers, financial advice licensees, education providers and consumer representatives including facilitating consultation forums with representatives from key stakeholder groups.
A total of 150 formal submissions were received for this standard. All feedback and submissions received due consideration by FASEA in finalising the standard.
MAKE YOUR SUBMISSION
FASEA invites submissions and/or comments on the draft Legislative Instrument through our dedicated consultations email (firstname.lastname@example.org) or via our Contact Us page.
Due date for submission: 5pm 14 December 2018