FASEA financial adviser professional standards

The Financial Adviser Standards and Ethics Authority (FASEA) has released draft Relevant Providers Degrees, Qualifications and Courses Standard 2019 Legislative Instrument (the 2019 determination) and Explanatory Statement for consultation.

The draft 2019 determination includes:

  • all bachelor degrees, Graduate Diplomas and Bridging Courses approved by FASEA;
  • FASEA approved recognition of prior learning (RPL) for education undertaken to attain professional designations and the associated credits appropriate for the existing adviser pathways set out in FASEA‚Äôs Education Standard;
  • amendment to historical course/degree details provided to FASEA by higher education providers.

Code of Ethics compliance

ASIC has announced that although there will not be an ASIC approved compliance scheme by 1 January 2020 as originally required, financial advisers will still be required to comply with the code from 1 January 2020 and AFS licensees will still be required to take reasonable steps to ensure that their financial advisers comply with the code. However, after consultation with FASEA, ASIC will take a facilitative approach to compliance with Standards 3 and 7 of the code until the new single disciplinary body is operational.

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