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MEDIA RELEASE

20 November 2018

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

 

FASEA has today released the legislative instrument for its Relevant Providers Degrees, Qualifications and Courses Standard for consultation.

The legislative instrument was informed from consultation received through approximately 150 formal submissions during FASEA’s consultation process for this standard between March and June 2018.

Arising from that consideration FASEA is proposing the maximum requirements for a New Entrant will be an approved bachelor’s degree (AQF7)[1] of 24 subjects; and for an Existing Adviser will be a Graduate Diploma of 8 subjects. The minimum requirements for a New Entrant will be an approved Graduate Diploma (AQF8) of 8 subjects; and for an Existing Adviser will be 1 subject being FASEA’s Bridging Course – The FASEA Code of Ethics and Code Monitoring Bodies – for those with a FASEA approved Bachelor or Master degree.

The process for degree and course approval is set out in the accompanying program and provider accreditation policy (FPS002) course approval policy with the revised education pathways set out in an additional education pathways policy (FPS001).

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.

Today, FASEA is issuing an initial Legislative Instrument in respect of historical and current bachelor degrees, graduate diplomas and master degrees that are approved pursuant to FPS002.

Future Legislative Instruments will add new degrees, equivalent qualifications, bridging courses and approved coursework to obtain a designation.  FASEA will continue to assess education for approval as applications are received under FPS002.

All feedback and submissions on the legislative instrument can be submitted through FASEA’s dedicated consultations email consultation@fasea.gov.au until 14 December 2018.

The legislative instrument and explanatory statement can be viewed here

“We welcome stakeholder feedback as we move to the final stage of development for the Relevant Providers Degrees, Qualifications and Courses Standard, and it will be reviewed prior to the release of the final standard,” FASEA Chief Executive Stephen Glenfield said.

RELEASE ENDS

[1] Australian Qualifications Framework (www.aqf.edu.au)