AFA to lobby FASEA for risk specialist courses

In an email to members, AFA chief executive Philip Kewin said the industry association welcomed the clarity the new guidance provided to advisers, but difficulties remain for risk specialists.

“One of the most common pieces of feedback that we have received is that advisers who are specialists do not see the relevance in undertaking units of study and assessments in areas that are not their specialisation and they do not give advice on, e.g. risk specialists being required to study derivatives,” he said.

“The role of the AFA is to advocate for the most sensible options for our members that enables practical pathways that recognise your previous study and experience and that enables you to study subjects that will be beneficial for your business, aligned to your interests and relevant to the advice you provide.”

Mr Kewin said the AFA will advocate for access to “graduate diploma programs that better align with the needs of specialists, including risk specialists”, which recognise their expertise.

Additionally, the AFA said it will push for alternative options for existing advisers who don’t have a ‘relevant degree’ to meet the new standards, improved options for older advisers to encourage them to stay in the industry, more recognition of professional designations and more cost-effective options.