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FASEA announcement a good first step

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FASEA announcement a good first step

 

SYDNEY: 27 October 2017 – The Association of Financial Advisers (AFA) welcomed the Financial Adviser Standards and Ethics Authority (FASEA)’s announcement yesterday, which outlines the degree requirement pathway that will apply to new entrants to the advice profession from January, 2019.

 

“We believe this is an eminently sensible announcement and, as outlined by the Chair Catherine Walter, is a positive beginning in providing certainty and direction for employers, education providers and of course those students aspiring to a career in financial advice,” said AFA CEO Philip Kewin. 

 

Mr Kewin said ensuring the next generation of financial advisers is ready to meet the advice needs of consumers is an important first step in the program of work to operationalise the Professional Standards legislation.  

 

“This is the first step necessary to provide certainty to those wishing to join the profession,” he said. “Of course the key task is providing clarity to existing advisers as soon as practicable.”

 

Mr Kewin said it seems clear by his comments that FASEA CEO Dr Deen Sanders is taking an informed and empathetic approach to developing  FASEA standards, and is conscious of the important implications for existing advisers.

 

“There is much at stake as we continue to build consumer trust in the financial advice profession through standards that recognise not only education but valuable skills and experience,” Mr Kewin said. “We look forward to the next steps and being part of the collaboration and engagement to help design these important standards for the financial advice profession.”

 

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About the AFA

The Association of Financial Advisers Limited (AFA) has been the authentic voice on the value of financial advice for over 70 years. Today, the AFA is a vibrant, innovative association, where the underlying driver of policy is the belief that great advice transforms lives. To this end the AFA is striving to achieve the vision of Great Advice for More Australians. The AFA’s ongoing relevance as a professional association is derived from its success in engaging with the major stakeholders in financial advice including advisers, consumers, licensees, product and service providers, and the regulator and government. Culturally the AFA believes in the value of collaboration to create powerful outcomes and this drives how we achieve influence and work towards our vision.