FASEA has proposed a two-step assessment process for foreign qualifications which will involve an assessment by a body approved by the Department of Education and Training (DET), such as Chartered Accountants of Australia and New Zealand (CAANZ) or Certified Practicing Accountants (CPA), followed by an assessment by FASEA.

Upon receipt of a certified copy of the individual’s qualification and a copy of the DET assessment from the DET-approved body, FASEA said that it will determine the requirements for the new entrant or existing adviser under FPS001 Education Pathways Policy.

FASEA-approved foreign qualifications will be added to FASEA’s Foreign Qualification Precedent Database and be available on FASEA’s website. FASEA’s assessment process will be subject to a fee of $120, payable by the individual prior to assessment.

In its policy statement, FASEA said that it will approve the qualification if satisfied that foreign qualification gives the person qualifications equivalent to a degree or qualification approved by the standards body for the purposes of meeting the education standard under section 921B(2)(a).

The policy said: “Financial services and financial advice in Australia are wide and complex fields with legal, taxation, investment and market requirements, contexts and products that are unique to Australia. Thus, ensuring that qualification obtained includes the FASEA competencies or a good level of understanding of Australian regulatory and legal obligations for financial advisers are important factors to be considered under this standard.”

Existing advisers

For existing advisers that have a DET-approved foreign qualification, the adviser will need to submit a request to FASEA for an assessment of whether the foreign qualification is a relevant qualification.

If the qualification is deemed related by FASEA, the existing adviser will be required to undertake the requirements set out for the related degree pathway, the policy stated.

“If the qualification is deemed not related by FASEA, the existing adviser will be required to undertake the requirements as per the non-related degree pathway.”

If the existing adviser’s foreign qualification was not approved by DET, the existing adviser is required to complete a FASEA-approved degree and follow the requirements of the no-degree pathway.

New entrants

The policy stated that new entrants with DET-approved foreign qualifications will be required to complete a FASEA-approved graduate diploma.

However, new entrants will be eligible for recognition of prior learning if they undertake a graduate diploma.

“Credit cannot be given for elements of the required curriculum that are specific to the Australian legal, taxation or practice context unless they have been included in the foreign qualification,” the policy said.

If their foreign qualification was not approved by a DET-approved body, the individual is required to complete a FASEA-approved bachelor degree or graduate diploma.