The Financial Adviser Ethics and Standards Authority (FASEA) is currently consulting on the education standard for existing financial advisers. Consultation concludes on 29 June 2018.

The AFA have drafted a position statement on the education requirement for existing advisers. We are sharing this with members in advance of the submission to FASEA and seek your feedback. To better facilitate this feedback process we will be holding townhall style meetings in some of the capitals and also running webinars for other members.

Our position statement sets out our core principles for this reform, which include the following:

• Professionalism – the new minimum standard must drive a material increase in professionalism.
• Equity – the standard must equitably take into account previous study for each key group of advisers.
• Sustainability – the final outcome must work to ensure that the majority of advisers choose to stay in financial advice.
• Value – the required further study must be of value to advice businesses and of interest to the adviser.

Our key recommendations to FASEA include:

• An improved definition of a related degree.
• A more equitable solution for advisers with an unrelated degree and further study.
• Better recognition of professional designations such as the FChFP.
• A solution that better recognises older advisers and the reduced benefit period for them.
• Choice of study that enables adviser to undertake study in an area of interest.

Please arrive at least 30 minutes prior to the commencement of the session as there is a check in process at reception that will cause a log-jam of people. Philip Kewin & Phil Anderson will also arrive early to meet & greet early arrivals and answer any questions.

We look forward to seeing you at the event.