Speed up next FASEA release!
12th February 2018
Eagerly awaiting FASEA’s Consultation Framework
AccountantsIQ is eagerly awaiting the release of the Financial Adviser Standards and Ethics Authority (FASEA)’s Consultation Framework seeking stakeholder views on the practical application of its proposed guidance for adviser qualifications.
Qualified as a Chartered Accountant, Certified Financial Planner and Bachelor of Education, AccountantsIQ Founder and Director, Bronny Speed, has devoted a considerable amount of time in the months since the release of the FASEA proposed guidance listening to practitioners from many facets of the industry – accounting, financial planning and education.
Key themes & concerns
The key theme that has emerged from these discussions is that there is a lot of confusion from accountants and financial planners alike in regard to the FASEA proposal and what future education requirements are likely to be. There is also a great deal of concern around recognition of prior learning and experience, particularly from accountants who have specialised in financial advice.
For AccountantsIQ clients, the biggest concerns have been expressed by those who hold a degree in an accounting related discipline, and therefore, at this stage, do not meet the proposed new education standards. This is in spite of having undertaken post graduate studies to become a Chartered Accountant or a CPA, having continued professional development and having met the requirements of ASIC to hold or operate under an Australian Financial Services Licence.
The current position is we have a proposal from FASEA and we know there is going to be a consultation process, with submissions due at the end of June. FASEA, however, is yet to release the consultation framework.
What happens now?
As a major industry contributor over the years at industry conferences as well as to professional bodies such as Chartered Accountants Australia and New Zealand (CA ANZ), the Financial Planning Association (FPA), CPA Australia, Kaplan (formerly The Securities Institute) and to the media, we are now looking forward to contributing to carefully thought out submissions for those practitioners who provide advice in the best possible way i.e. those who have attained a degree (or equivalent), undertaken post graduate study and continued professional development whilst operating within a strong ethical framework either as accountants, financial planners or both.
AccountantsIQ in its own right, as well as in its capacity as Senior Policy Adviser – Financial Advisory Services at Chartered Accountants Australia New Zealand, will advocate strongly for accountants affected by the guidance. This will include advocacy for the recognition of accounting (and related) degrees, prior learning as well as appropriate bridging courses for the accounting industry.
We believe FASEA now provides us with a mechanism for true professionalism within the advice world. There are many outstanding practitioners in the advice space coming from a wide range of qualifications, specialisations, ongoing training and most importantly, quality experience. If we can harness the great qualities the industry has, whilst also providing a quality framework for study and experience requirements going forward, it will be a win:win for both advisers and consumers alike.
If you have any feedback or queries in relation to the proposed guidance and upcoming process, AccountantsIQ would like to hear it. Please submit your feedback/comments below.
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