The Financial Adviser Standards and Ethics Authority (FASEA) has set the following standards for financial planners:
- Code of Ethics – commencement 1 January 2020
- Degrees, Qualifications and Courses Standard
- New financial planners must meet the relevant requirements of this standard from 1 January 2019
- Existing financial planners (as at 30 December 2018) must meet the relevant requirements set in this standard by 1 January 2024
- Foreign Qualifications Policy – financial planners who are relying on completed foreign qualifications to meet the education standard, must follow the process set in this standard.
- Examination Standard
- New financial planners must pass the exam before commencing quarter 3 of their Professional Year
- Existing financial planners must have passed the exam by 1 January 2021
- Continuing Professional Development Standard – This standard applies from the commencement of the licensee’s CPD year during 2019. FPA members should also continue to meet our CPD obligations.
- Work and Training (Professional Year) Standard –
- From 1 January 2019, all new financial planners must meet this standard before being authorised to provide financial advice to retail clients. New financial planners must meet the education standard requirements prior to commencing their professional year.
- This standard sets requirements for existing financial planners who are supervisors of new financial planners undertaking their professional year.
- Provisional Relevant Provider Expression – From 1 January 2019, new financial planners who have met the course requirements and are undertaking their professional year, may use the terms “Provisional Financial Adviser” or “Provisional Financial Planner”
We are always keen to hear your valuable feedback and suggestions. Please let us know if there are issues or concerns that affect you.