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16 January 2019

FASEA releases Policy for the Foreign Qualification Standard.

FASEA has published the Policy for its Foreign Qualification Standard. The Policy was informed through consultation with stakeholders in August 2018 and through 8 formal submissions during FASEA’s consultation process in November 2018.

The Corporations Act 2001 requires FASEA to approve in writing a foreign qualification.   Under the Standard, new entrants and relevant providers are required to undertake a two step process:  an assessment by a Department of Education and Training (DET) approved body, for example the Chartered Accountants of Australia and New Zealand (CAANZ) and Certified Practicing Accountants (CPA) associations and then an assessment by FASEA as to the equivalence of the foreign qualification to a degree or qualification approved under FPS001 Education Pathways Policy.

Upon receipt of a certified copy of the individual’s qualification and a copy of the DET assessment from the DET approved body, FASEA will determine the requirements for the new entrant or existing adviser (as defined under s1546A of the Corporations Act 2001) under FPS001 Education Pathways Policy.

Stakeholder feedback during the consultation raised a number of suggestions FASEA has adopted in the final Policy including clarifications that New Entrant Foreign Qualification assessment will include a gap assessment of FASEA knowledge areas and/or Australian regulatory and legal obligations of financial advisers; and that a process will be available to request a review of FASEA’s assessment decision for a fee.

“We thank stakeholders for their constructive input during the consultation process for FASEA’s Foreign Qualifications standard and are pleased to have reflected this input where appropriate in the Foreign Qualifications Policy” FASEA Chief Executive Stephen Glenfield said.

The Foreign Qualification Policy can be viewed here