The Financial Adviser Standards and Ethics Authority has published proposed guidance on the qualifications that existing financial advisers and new entrants will need to meet to comply with section 921C of the Corporations Act.
The Standards Authority proposes that the requirement for existing advisers to meet their education and training standards obligation as a relevant provider, is that they:
1) have already satisfied the Education Standard requirement if they hold an approved qualification (i.e. one that is on the FASEA/FPEC approved register), or
2) have completed, by 1 January 2024, an AQF7 qualification (ie a university degree) that is an approved qualification (i.e. one that is on the FASEA/FPEC approved register), or
3) have completed, by 1 January 2024, a course that offers at least 8 units/courses, at AQF level 8, covering fields that include:
• ethics, professional attitudes and behaviours
• financial planning and advice process
• technical requirements
The Authority has also resolved that the degree requirement pathway for new entrants, from January 2019, will be an AQFi 7 Bachelor degree (made up of 24 courses, of which up to 12 courses will be core) covering fields that include ethics, professional attitudes and behaviours, financial planning and advice process and technical requirements.