FASEA announces framework for new entrants

The board of the Financial Adviser Standards and Ethics Authority (FASEA) has clarified its position on the qualifications that will be required for individuals entering the financial advice profession, following its October meeting.

From January 2019, new entrants will need to have a bachelor’s degree that meets the criteria for ‘AQF7’ status set by the Australian Qualifications Framework.

The degree will need to comprise of 24 courses (including 12 “core courses”) that cover “ethics, professional attitudes and behaviours”, “financial planning and the advice process” and “technical requirements”.

The board is still considering its position on “pathways for existing advisers” and will establish a number of working groups and community consultation initiatives to that end.

The announcement is the first public communication from FASEA since the appointment of former FPA staffer Deen Sanders as CEO.