FASEA must expand ‘limited’ course list: AccountantsIQ

In a submission made to FASEA, the business noted that a number of courses that should qualify for FASEA approval have not been included on the list of accepted courses simply because the course provider has not had it added to the list.

“AccountantsIQ understands it is the responsibility of the education provider to do this, yet we also suggest this is not necessarily known by the relevant departments within education providers,” the submission said.

“AccountantsIQ is seeing accounting practices currently supporting staff in their businesses, both financially and practically, who are currently undertaking studies in order to be able to provide financial advice, however many courses of existing ‘students’ are not currently on the FPEC list - it is vital that these qualifications get onto the FPEC list and actually meet the new FASEA standards for both ‘approved’ degrees.”

Further, the submission said many new entrants to the industry do not wish to be “traditional financial planners” but the current list of approved courses does not recognise other, inter-related fields.

“The range of knowledge areas appears to be based on an FPEC list, which has a strong financial planning flavour, but the areas of operation of financial advisers pursuant to an AFSL are far wider than just the financial planning industry,” AccountantsIQ said.

“The current suggested knowledge areas for new entrants do not seem to consider those entrants who do not want to do down the financial planning path, yet still require an AFSL.”

A poll of AccountantsIQ clients additionally found that 98 per cent of respondents felt FASEA should at a minimum consider “further study, experience, ongoing CPD and codes of ethics” as post-graduate qualifications.