FASEA claims strong progress on adviser education

The Financial Adviser Standards and Ethics Authority (FASEA) has pointed to what it describes as strong progress in lifting financial adviser education levels, including “growth in new and potential entrants to the industry”.

In a statement released today, the authority listed the key highlights as being:

• 180% increase in FASEA approved university level course units being studied by existing and potential financial advisers.
• Growth in new and potential entrants to industry.
• Strong uptake by advisers of structured minimum 40-hour CPD requirements.
• 212% increase in the number of FASEA approved current and historical courses since 2018.
• Over 56% of advisers on the FAR have an approved or relevant degree
• Over 67 current degrees and 54 bridging courses for existing and potential advisers to enrol in with further applications for approval being received and under assessment by FASEA.

“FASEA commends those financial advisers who have embraced raised industry standards and embarked upon uplifting their education levels,” the FASEA announcement said.

FASEA chief executive, Stephen Glenfield said the uplifting of financial adviser levels of education represents a key component of Parliament’s vision to build a trusted, educated, and ethical financial advice profession.

“Advisers who have completed their education or embarked on their education pathway will play a significant role in helping promote a profession that consumers can have confidence in today and into the future” Glenfield said.