Published Standards and Standards Development Program
During 2018-2019 in accordance with its legislative responsibilities under the Act, FASEA approved and registered the following legislative instruments and related explanatory statements:
- Financial Planners and Advisers Code of Ethics 2019
- Corporations (Relevant Providers Degrees, Qualifications and Courses Standard) Determination 2018
- Corporations (Relevant Providers Exam Standard) Determination 2019
- Corporations (Work and Training Professional Year Standard) Determination 2018
- Corporations (Provisional Relevant Provider – Expressions) Determination 2018
- Corporations (Relevant Providers Continuing Professional Development Standard) Determination 2018
Copies of these documents are available from FASEA’s website.
Each of these standards were publicly consulted on, firstly in the 2017/18 financial year and again in the 2018/19 financial year summarised below.
|
Standard |
Consultation Period |
Submissions Received |
Legislative Instrument & Explanatory Statement Registered |
Final Policy Published |
|
Provisional Relevant Provider Term |
16 November 2018 – 30 November 2018 (2 weeks) |
9 Organisations |
17 December 2018 |
N/A |
|
Work & Training (Professional Year) |
16 November 2018 – 30 November 2018 (2 weeks) |
13 Organisations |
19 December 2018 |
15 March 2019 |
|
Continuing Professional Development (CPD) |
22 November 2018 – 7 December 2018 (2 weeks) |
24 (2 Individuals, 22 Organisations) |
20 December 2018 |
14 January 2019 |
|
Education Pathways |
20 November 2018 – 14 December 2018 (3.5 weeks) |
92 (69 individual advisers, 23 organisations) |
24 December 2018 |
15 January 2019 |
|
Foreign Qualifications |
22 November 2018 – 14 December 2018 (3 weeks) |
8 organisations |
N/A |
16 January 2019 |
|
Code of Ethics |
21 November 2018 – 19 December 2018 (4 weeks) |
18 (2 individuals, 16 organisations) |
11 February 2019 |
N/A |
|
Examination |
14 December 2018 – 11 January 2019 (4 weeks) |
26 (14 individuals, 12 organisations) |
6 February 2019 |
6 February 2019 |
In addition to the legislative program FASEA has made significant progress against each of its legislative responsibilities including
- developing and delivering the first FASEA Financial Advisers exam in June 2019 across 9 centres with 38 sittings for nearly 600 advisers.
- accrediting a wide range of higher education provider degrees and courses that meet the FASEA curriculum standard including 66 historical courses, 63 Bachelor or higher degrees and 27 bridging courses.
- approving coursework to attain a professional designation for 5 professional associations.
- launching FASEA’s online foreign qualification approval and domestic degree assessment services.
- approving and releasing policy guidance documents to support the legislative instruments for education, exam, professional year and CPD and a FASEA policy guide for foreign qualification approval.
FASEA’s program of work for 2018/19 and proposed program for 2019/20 are illustrated graphically following.
Detailed FASEA standards development program to June 2019
The diagram below sets out the purpose and timelines of FASEA for each standard over this period.
FASEA proposed work program for the 2019/20 financial year is illustrated below.
Visit
https://www.transparency.gov.au/annual-reports/financial-adviser-standards-and-ethics-authority-ltd/reporting-year/2018-2019-2