SMSF Association submission on proposed guidance on education pathways for existing advisers

SMSF Association Submission

The SMSF Association (SMSFA) welcomes the opportunity to make a submission on the Financial Adviser Standards and Ethics Authority’s (FASEA) proposed guidance on education pathways for existing advisers.

Increasing the education standards and professionalism of financial advisers is a matter that the SMSF Association strongly supports and believes is fundamental to the future of financial advice in Australia.

The key points made in this submission are:

  • A post graduate pathway is essential for new entrants to the financial advice industry.
  • Adequate SMSF knowledge is crucial to provision of licensed financial advice, especially given the opportunity to create a profession.
  • Standardised and significant recognition of prior learning should be implemented for existing entrants who must undertake formal qualification or briding courses.
  • A simple approach should be taken when determining related degrees which looks at specialisation and majors rather than specific underlying subjects.
  • Bridging courses should encompass flexibility in their design and provide value to advisers rather than becoming another ‘exercise’ advisers undertake to meet a threshold.
  • We propose that accountants with a limited licence fall within a relevant related pathway as they currently that have not been adequately considered.
  • FASEA should explore potential options for experienced older advisers with industry experience, to remain as advisers beyond 2024.

Submission on Proposed Guidance on Education Pathways for Existing Advisers

SMSF Association Submission