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FASEA releases draft Foreign Qualifications guidance

 

The Standards Authority is today releasing draft guidance around education pathways for new and existing financial advisers with Foreign Qualifications.

The guidance outlines the proposed process for those with educational qualifications obtained outside Australia to get these qualifications approved by the Standards Authority and understand the correct educational pathway to ensure their compliance with the new standards.

Both new and existing advisers will need to obtain an assessment from the National Office of Overseas Skills Recognition (NOOSR), which will compare their foreign qualification to an Australian qualification using the Australian Qualifications Framework.

New advisers with NOOSR-approved degrees will be required to complete an approved postgraduate course to meet the new standards and will be entitled to recognition for prior learning.

Existing advisers with NOOSR-approved degrees will need to apply to the Standards Authority for an additional assessment of whether the degree is a relevant qualification.

If their degree is deemed related by the Standards Authority, the existing adviser will be required to meet the related degree pathway. If their degree is deemed unrelated, then the existing adviser will be required to undertake the unrelated degree pathway.

The Standards Authority will maintain a precedent database of relevant foreign degrees to give applicants an indication of whether their foreign qualification is likely to be deemed related.

The Standards Authority welcomes feedback on any aspect of the proposed Foreign Qualifications guidance. Submissions for this proposed guidance will close 5pm 31 August 2018.

For further information on guidance around Foreign Qualifications, please see the full guidance paper.