ABN 48 618 495 828

MEDIA RELEASE

24 December 2018

FASEA releases Legislative Instrument for Relevant Providers Degrees, Qualifications and Courses Standard.

FASEA has registered the Legislative Instrument and Explanatory Statement for its  Relevant Providers Degrees, Qualifications and Courses Standard on the Federal Register of Legislation. The Determination was informed through consultation with stakeholders in March and June 2018 and through 92 formal submissions during FASEA’s consultation process in November 2018.

Under the standard, advisers are required to complete a bachelor or higher or equivalent qualification, the determination includes a list of current and historical degrees approved by FASEA.  This determination will be updated on an ongoing basis, as additional courses are approved.

Stakeholder feedback during the consultation raised a number of suggestions FASEA has adopted in the final Legislative Instrument, Explanatory Statement, Education Pathways Policy and Accreditation Policy including:

  • FASEA has approved the newly formed Bachelor of Commerce (Finance and Financial Planning) at Curtin University.
  • FASEA has approved the re-accreditation of Western Sydney University’s Bachelor of Accounting Financial Planning or Financial Planning and Taxation and Master of Financial Planning
  • Financial planning (which includes financial advice areas of superannuation, retirement, insurance, estate planning etc) and investments (which include all types of investment eg shares, derivatives, foreign exchange, options etc) has been added to the relevant degree definition;
  • Recognition of prior learning: advisers holding a non-relevant degree who have completed between 4 and 7 of the relevant degree knowledge areas will be awarded 2 credits.
  • That courses/subjects are single units of study of approximately 120 hours of learning as per the AQF (eg. 8 course Graduate Diploma and 24 course Degree)

“We thank stakeholders for their constructive input during the consultation process for FASEA’s Relevant Providers Degrees, Qualifications and Courses Standard and are pleased to have reflected this input where appropriate in the Legislative Instrument” FASEA Chief Executive Stephen Glenfield said.

The Legislative Instrument and Explanatory Statement can be viewed here