Announcements

FASEA Approves Higher Education Historical Graduate Diploma Courses

Jul 18, 2019

MEDIA RELEASE

FASEA has today confirmed its approval of:

  1. the historical Graduate Diploma in Business (Personal Financial Planning) commenced between 2002 and 2012, offered by the University of Southern Queensland;
  2. the historical Graduate Diploma of Financial Planning commenced between 1998 and 2007, offered by Securities Institute/FINSIA; and
  3. the historical 8 unit Graduate Diploma of Applied Finance and Investments commenced between 1991 and 2007, offered by Securities Institute/FINSIA, where study included either the investment management stream or financial planning related electives.

Advisers who have completed any of these courses of study are required to complete the FASEA Ethics for Professional Advisers bridging course to meet the Education Standard.

Advisers who completed the Securities Institute/FINSIA historical 8 unit Graduate Diploma of Applied Finance and Investments commenced between 1991 and 2007 not including the investment management stream or financial planning electives have completed a relevant degree and receive 4 credits towards meeting the education requirements.

FASEA’s review of the courses follows an application from each of the Higher Education Providers. The approval is recognition of the alignment of the listed programs and courses with FASEA’s required curriculum and standards.

“The approval of these additional Graduate Diplomas gives advisers a clear pathway to meet the education standard by 1 January 2024,” FASEA Chief Executive Officer Stephen Glenfield said.

The approved degrees will be added to FASEA’s Degree, Qualifications and Courses legislative instrument.

FASEA is committed to continuing to assess any further applications received from Higher Education Providers in respect of courses to meet FASEA’s education standard. The full list of FASEA approved degrees, Bridging Courses and Graduate Diplomas is available on the FASEA website (link).

BACKGROUND

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.

Existing advisers must have done either of the following by 1 January 2024:

  1. met the education and training standard in subsection 921B(2); or
  2. completed one or more courses determined by the standards body to give the provider qualifications equivalent to that standard

Existing advisers with an approved degree

Existing advisers with a FASEA approved degree are required to complete FASEA’s Ethics for Professional Advisers bridging course to meet the Education Standard.

Existing advisers with non-approved degrees

Existing advisers who hold a relevant degree,  will be required to undertake 4 courses consisting of:

  • Financial Advice Regulatory & Legal Obligations bridging course
  • Ethics for Professional Advisers bridging course
  • Behavioural Finance: Client and Consumer Behaviour, Engagement and Decision Making bridging course; and
  • FASEA approved unit (Financial Advice Capstone subject)

Existing advisers who hold a non-relevant degree will be required to complete seven courses towards a FASEA approved Graduate Diploma.

Existing advisers who do not have a degree will need to complete a FASEA Approved Graduate Diploma.  

Depending on other coursework completed, recognition of prior learning credits may be available for study required to meet the Education Standard.

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.