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.