Financial planners given more time for education

THE Financial Planning Association of Australia (FPA) has welcomed the Federal Government’s announcement that it will give existing financial planners more time to pass the Financial Adviser Standards and Ethics Authority (FASEA) exam and comply with the FASEA education standard.

Senator Jane Hume, Assistant Minister for Superannuation, Financial Services and Financial Technology, announced today that the Federal Government will restore the full two-year period to pass the exam by extending the deadline for 12 months to 1 January 2022. The government will also extend the deadline for meeting the FASEA education standard by 24 months to 1 January 2026.

Dante De Gori, CEO of the FPA, said the government’s decision to announce their intention to extend the original deadline means existing financial planners are no longer being unfairly disadvantaged by delays from FASEA in rolling-out its exam and its new code of ethics.

“The government has done the right thing by proposing to extend the deadlines for all existing financial planners to sit and pass the FASEA exam and meet the education standard," Mr De Gori said.

“The proposed new deadlines will give existing financial planners more time to study, ensuring that these reforms are successful at raising the bar across the profession.

“We’re pleased that Minister Hume has listened to the feedback from our members and been willing to work with the FPA and AFA jointly to deliver a better outcome for all financial planners and their clients.”