FASEA

Educational Requirements (FASEA)

New education changes came into effect from 1 January 2019.
These changes mandate that ARs will need to obtain an approved degree prior to becoming authorised under an AFSL.

Existing advisers (i.e. those authorised under an AFSL by 31 December 2018) will have access to transitional arrangements that will provide more time to meet these requirements.

This means they will have until 1 January 2021 to sit an exam and 31 December 2023 to undertake a bridging course. In addition, existing advisers will not need to complete the professional year of supervised work and training. 

For more information, please see below:

Requirements

Education

Financial Advice Exam

Supervision

Existing
Before 1 Jan 2019

Existing advisers can undertake a pathway to upgrade their skills to achieve the relevant qualifications by 31 December 2023, this pathway will likely be in the form of a bridging course from your existing qualifications. Current advisers have a transitional arrangement until 1 January 2021 to pass the exam. Existing advisers are not required to be supervised.

New
After 1 Jan 2019

All new advisers will have to complete a bachelor or higher degree, or equivalent qualification before being authorised. New advisers will have to pass this exam before they can be authorised to provide financial advice All new advisers will have to undertake at least one year of supervised work and training.

 

 

 

 

 

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