FASEA

The Board of the Financial Adviser Standards and Ethics Authority (FASEA) has finalised the Legislative Investments for each Standard, following the final consultation process. Please click on the links below to view FASEA’s final Standards.

 

Code of Ethics

The Code of Ethics imposes ethical duties on financial advisers and is designed to encourage higher standards of behaviour and professionalism in the financial services industry.

Legislative Instrument

Explanatory Statement

 

Financial Adviser Examination

Relevant Providers and Provisional Relevant Providers will undertake a 3.5 hour (including reading time) examination. Exams will be scheduled to commence from mid 2019 and Existing Advisers will be required to pass the exam by 31 December 2020.

Legislative Instrument

Explanatory Statement

Policy Statement

 

Relevant Providers Degrees, Qualifications and Courses Standard (Education Pathways) and Foreign Qualifications Policy

Advisers are required to complete a bachelor (or higher or equivalent) qualification. The Legislative Instrument is a list of current and historical degrees approved by FASEA and will be updated as additional courses are approved by FASEA.

Legislative Instrument

Explanatory Statement

Policy Statement

Foreign Qualifications Policy Statement

 

CPD

Advisers are required to complete 40 hours of CPD each year of which 70% will need to be approved by the licensee (including a maximum 4 hours of professional reading).   

Legislative Instrument

Explanatory Statement

Policy Statement

 

Work and Training Requirement (Professional Year)

Provisional Financial Providers must meet the requirements for work and training (professional year).

Legislative Instrument

Explanatory Statement

 

Provisional Relevant Provider Term

The term has been developed for consumers to identify a Provisional Relevant Provider undergoing their work and training (professional year) requirement from a qualified Relevant Provider.

Legislative Instrument

Explanatory Statement

 

Round 2 Submissions and Consultation

Please click on the links below to view AFA’s submissions in response to FASEA’s second round of consultation:

4 January 2019 - AFA Submission on FASEA Relevant Providers Exam Standard

19 December 2018 - AFA Submission on Code of Ethics

14 December 2018 - AFA Submission on Education Standards

14 December 2018 - AFA Submission on Foreign Qualifications

7 December 2018 - AFA Submission on CPD

30 November 2018 - AFA Submission on Provisional Relevant Provider Term

30 November 2018 - AFA Submission on Professional Work & Training Requirement (Professional Year) 

 

Please click on the links below to view FASEA’s second round of consultation papers:

FASEA Standards Summary

16 November 2018 – Blueprint document    

Provisional Relevant Provider Term

16 November 2018 – Draft Legislative Instrument 

16 November 2018 – The Explanatory Statement 

Work and Training Requirement (Professional Year)

16 November 2018 – Draft Legislative Instrument  

16 November 2018 – The Explanatory Statement  

16 November 2018 – The Policy Statement 

Relevant Providers Degrees, Qualifications and Courses Standard (Education Pathways)

20 November 2018 – Draft Legislative Instrument 

20 November 2018 – The Explanatory Statement   

20 November 2018 – (Education Pathways) The Policy Statement 

Code of Ethics

21 November 2018 – Draft Legislative Instrument 

21 November 2018 – The Explanatory Statement 

CPD

22 November 2018 – Draft Legislative Instrument 

22 November 2018 – The Explanatory Statement 

22 November 2018 – The Policy Statement 

Foreign Qualifications Policy

29 November 2018 – The Policy Statement  

Financial Adviser Examination

14 December 2018 - Draft Legislative Instrument

14 December 2018 - The Explanatory Statement

18 December 2018 - Examination Policy

Initial Consultation Round

Please click on the links below to view the following FASEA consultation documents:

24 October 2017 - FASEA New Entrant Degree Standards

20 March 2018 - FASEA Code of Ethics

20 March 2018 – FASEA Proposed Guidance on Education Pathways for All Advisers

11 July 2018 - FASEA Financial Adviser Examination

23 July 2018 - FASEA Provisional Relevant Provider Term Guidance

23 July 2018 - FASEA Professional Year Guidance

24 July 2018 - FASEA CPD Guidance

24 July 2018 - FASEA Foreign Qualifications Guidance

 

 

 

The AFA Continues to advocate to FASEA on behalf of all members in relation to the above matters.

Please click on the links below to view our FASEA submissions:

1 June 2018 - AFA Submission on FASEA Code of Ethics

4 June 2018 - AFA Position Statement on Education Standards

28 June 2018 - AFA Submission on Code of Ethics Compliance Schemes

29 June 2018 - AFA Submission on Education Standards for Existing Advisers

31 July 2018 - AFA Submission on FASEA Examination

13 August 2018 - AFA Submission on Provisional Relevant Provider Term

17 August 2018 - AFA Submission on Professional Work & Training Requirement (Professional Year) 

31 August 2018 - AFA Submission on Foreign Qualifications

31 August 2018 - AFA Submission on CPD