After floating the concept in July, the Financial Adviser Standards and Ethics Authority (FASEA) has made provisions for foreign qualifications to be acknowledged as part of the new mandatory education standards for those operating under an AFSL.
Foreign qualifications weren’t catered for in FASEA’s original guidance.
“Applications may be made to FASEA for approval of a foreign qualification which will be assessed by approving bodies such as Department of Education and Training (DET), Chartered Accountants Australia and New Zealand (CAANZ) or CPA Australia as to equivalence with Australian qualification standards,” FASEA’s latest guidance says.
The new education requirements fully come into effect in 2024. To qualify for transitional concessions, advisers need to have been on ASIC’s financial adviser register between 2016 and 2018, making December this year the final deadline.
FASEA’s latest round of guidance was released on Friday last week, you can read about how it impacts accountants here.