Australia’s FPA welcomes FASEA degree framework plans
The Financial Planning Association of Australia (FPA) has welcomed the Financial Adviser Standards and Ethics Authority (FASEA) announcement that it it is to advance its approval of degree-level education requirements for financial planners.
FASEA has said that it by initially adopting a framework already developed by the Financial Planning Education Council (FPEC) and use this as the initial entry standard for new entrants into the financial planning profession.
The FPEC was established in 2011 by the Financial Planning Association (FPA) and has developed a curriculum and comprehensive guidelines and requirements for course content at universities and other institutions offering financial planning degrees.
As of 1 January 2019, all new applicants will be required to have completed an AQF7 bachelor-level degree made up of 24 courses, 12 of which will be core courses including ethics; professional attitudes and behaviours; the financial planning and advice process; and technical requirements.
Recently graduated and existing students in FPEC-approved courses will have to meet the new education standards and thus will be able to move into their financial planning careers immediately
Dante De Gori, pictured, chief executive of the FPA and a Certified Financial Planner, said that the announcement recognises the work and effort that the FPEC Committee and the tertiary education sector have put into developing these financial planning degrees, increasing education standards for new financial planners and “ultimately increasing the professionalism of the financial planning profession”.
“Realising the lack of tertiary financial planning degrees, we partnered with the higher education sector in 2011 to set up the FPEC with the aim of establishing a curriculum for financial planning degrees and a process to approve university courses against this curriculum,” he said.
“This has been recognised by the wider profession.”
De Gori pointed that the FPA believes that the new education and professional framework, once introduced, will provide greater levels of confidence to consumers who are seeking professional financial advice.
This will mean more Australians will be in greater control of their financial futures, which is not only beneficial for those who get advice, but ultimately beneficial to us as a nation,” he added.