In an email to members, AFA chief executive Philip Kewin said the “additional clarification” offered by the updated guidance, released by FASEA on Tuesday, was welcome, but that some concerns remain.
“We are hopeful that elements of this new proposal will deliver a level of clarity for some members, particularly those who have a relevant degree. Whilst this won’t deliver all that might have been wanted, advisers in this group now have greater certainty,” he said.
“For others, the challenges with these proposals remain. It is important to note that this remains a proposal and is subject to consultation. It is essential that our advice community actively engages in this process.”
Mr Kewin said the AFA will be advocating for a number of changes throughout the consultation period, including an “improved option for older experienced advisers that encourages them to stay in the industry” and the inclusion of courses aimed at adding value to specialist advisers’ businesses.
Other changes the AFA intends to push for include an “alternative solution” to studying a new degree for existing advisers who hold an unrelated degree, greater recognition of professional designations and “access to cost effective solutions” for course fees and exemptions.
Mr Kewin said the AFA’s role at the present is to “advocate for the most sensible options” for members, and encouraged advisers to make their own submissions as well.
“At the end of the day, it is important for the government and FASEA to win the hearts and minds of existing advisers to choose to commence this journey,” he said.
“The AFA will support members through this challenging time, including looking at how we can bring members together to complete study in the traditional peer group approach. We welcome member feedback on how we can better support you in this challenging time.”
Hasn’t the AFA read that Kelly O’Dwyer has already made up her mind on this just as she did with the LIF regardless of the facts or whether this is good for customers or the industry or not. The AFA is predominantly made up of risk writers and industry sponsors. The AFA will not be around after 2018. And nobody listens to the AFA or FPA anyway. Just keep taking the sponsorship from the FSC members and do their bidding until they don’t need you anymore. The AFA’s retirement date is set along with many of the rest of us.
I’m sorry AFA and the FPA but CPA Australia came out a fortnight ago and told FASEA to go (insert appropriate language) themselves and we’ve witnessed a giant FASEA backflip this week. They said “you want our Accountants with Degrees to do what… another degree..are you serious”. I suggest that organisations like the AFA and FPA take note of what happens when you take a leadership role as opposed to saying [i]”let’s not do anything yet…and then finally it’s too late live with it””. [/i] I think that’s the outcome when you’re not beholden to large banks or looking at dollar signs from education courses.
Every Financial Planer with a degree owes a thank you to CPA Australia. I can’t believe I said that.
and to say that when the CPA program doesn’t even require a degree to enter and complete and has no AQF designation
CPA PROGRAM REQUIREMENTS
To complete the CPA Program and become a CPA, you’ll need to satisfy three requirements:
Successfully complete the CPA Program education component
This typically requires you to successfully complete four core subjects and two electives – unless you received an exemption for prior study when you applied for Associate membership. In which case, you need only complete certain subjects as advised. The CPA Program is available in three approaches, so you can study your way and find the level of support you need to succeed – choose between distance learning, full-time study or a combined master degree.
Satisfy Your Experience requirement
To satisfy Your Experience you must submit claims for 36 months of experience, and have those claims signed off by a CPA, FCPA or an equivalent full member of an International Federation of Accountants (IFAC) member body and then verified by CPA Australia. That experience can be gained before, during or after you’ve completed the education component.
Hold a recognised degree
All CPAs must hold a degree-level qualification from a recognised education provider. If you didn’t advise us of your degree when you applied for membership, contact us.
???
Phil,
Well stated and put
A pity that these communications are not also sent to the membership at large and we could see them prior to being picked up by the press.
Time for FASEA to actually accept and recognise our many long years of service and knowledge.
I do not mind doing their so called ethics, but object to any other subjects and the high costs to be associated with this additional training.
Here we go, the process to get everyone grandfathered has begun. Worked so well with opt-in considering so many still sit on a massive book of clients stuck in inferior products because they don’t want to do the right thing and have to actually service them to get paid.