THE Financial Planning Association of Australia (FPA) has launched Return to Learn, an online education portal designed to cut through misinformation and confusion about FASEA’s higher education requirements.

Released this week after months of rigorous testing, the Return to Learn education portal promises easy access to accurate information on the latest education and ethics policy developments and implications, as well as study tools.

“There are many thousands of ethical, professional, committed financial planners around Australia ready to do what it takes to meet FASEA requirements between now and 2024. Many are confused by misinformation flying around as to what they need to do next, however, and frankly there’s no time for confusion: Australia needs us to take the high road when it comes to education and ethics,” FPA CEO, Dante De Gori CFP said.

Return to Learn was developed in-house by the FPA’s education and policy experts with co-operation from FASEA-approved tertiary education providers.

It includes accurate explanations of FASEA policies, Code of Ethics and education tools in one central hub as well as a guide to study credits, video tutorials on topics like preparing for exams, and information on various approved tertiary education providers including course costs and required time commitments, for example.

“Return to Learn cuts through the noise and misinformation to make the path forward as clear and easy as possible for our 14,000+ FPA members to navigate,” Mr De Gori said.

New CPD standards of 40 hours a year apply from January 1, 2019, and a key foundation of the financial advice reforms is a new Code of Ethics that all advisers will have to comply with from January 1, 2020. All advisers need to pass an industry exam by January 1, 2021.

Tools and information now available to FPA members on the Return to Learn portal:

Education pathways tool – Helps members identify what further studies they will need to undertake to comply with the new FASEA education standards.

Cost comparison tool – A program and fee comparison of FASEA-approved degrees that helps members find the most suitable degree - including a comparison of the credits each university will allocate to members who have completed the 5-unit CFP Certification Program. It also includes links to the university Credit and Recognition of Prior Learning policies. The FPA has formally applied to FASEA for accreditation of all education pathways into the CFP Certification Program where FASEA has not already awarded credits.

FASEA exam study guidance – A range of study resources including academic writing and referencing guides, how to prepare for exams, tips for time management and much more is available in the education hub. FASEA’s practice exam and recommend reading lists will also be available once released by FASEA.   

FPA CPD policy ­– The latest FPA CPD policy is available and has been updated to align with the new FASEA requirements. FPA members and licensees can adopt the FPA CPD policy as their own by March 31, 2019.

www.fpa.com.au

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THE Queensland Resources Council (QRC) has welcomed the completion of Rio Tinto’s $2.6 billion Amrun bauxite mine project on the Cape York Peninsula in Far North Queensland. 

QRC chief executive Ian Macfarlane said not only was the mine completed under budget and ahead of schedule but it was a leading example of a resource company working with local communities and suppliers.

“Rio Tinto is a significant employer of Indigenous Australians on the Cape York Peninsula and has invested $2.2 billion with local, State and national businesses,” Mr Macfarlane said.

“The world is hungry for Queensland’s resources, especially bauxite and Amrun adds to the State’s diversification story in commodities.

“Bauxite is one of the building blocks of the modern economy, used to produce aluminium, which goes into everything from soft drink cans in your fridge to frames for solar panels on your roof.”

QRC’s own economic data for the 2017-18 financial year showed the resources sector is a significant investor in the state’s economy and local communities.

“From Toowoomba to Weipa the resources sector contributed to 1,260 community organisations which is an increase of 38 percent on the previous year and in the Far North region the sector contributed $959 million to the economy and supported 6,291 full time jobs,” Mr Macfarlane said.

QRC is the peak representative body for Queensland ‘s resource sector. The Queensland resources sector provides one in every five dollars in the Queensland economy, sustains one in eight Queensland jobs, and supports more than 14,200 businesses across the State, all from 0.1 percent of Queensland’s land mass.

www.qrc.org.au

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THE DIRE state of legal assistance funding in Australia has been highlighted as a matter of critical importance in the Law Council of Australia’s 2019-20 Pre-Budget Submission, with a boost of at least $310 million a year required to address critical gaps in the system.

Additional funding should also be provided to introduce Justice Impact Tests, improve resourcing of federal courts, and establish a National Justice Interpreter Scheme, said Law Council president, Arthur Moses SC.

“Legal assistance funding in Australia is abysmal and in need of urgent review. Some of our most vulnerable people are slipping through the cracks, as the Law Council’s Justice Project illustrates,” Mr Moses said.

“At least $310 million a year is needed to provide adequate funding for Legal Aid Commissions, community legal centres, Aboriginal and Torres Strait Islander legal services and family violence prevention legal services. This would provide a much needed injection of funds for frontline legal services to increase civil legal assistance and will come close to restoring the Commonwealth’s share of funding for Legal Aid Commissions to 50 percent.

“Commonwealth legal aid funding is at its lowest in decades. In 1997 the Federal Government spent $11.22 per capita. Today, it is spending less than $8 per capita. Many living under the poverty line are ineligible.

“Disadvantaged Australians are not the only ones impacted by the shortfall. Many Australians simply can’t afford legal representation and if required to attend court, are forced to appear alone. Lives are being destroyed because successive governments have failed to invest in critical social justice infrastructure.”

In the UK, Justice Impact Tests have proven to be a vital tool in facilitating the smoother development of laws and policies with downstream impacts on the justice system and ensuring adequate funding is provided for any repercussions. The Law Council believes such a system should be implemented in Australia.

The Law Council’s submission also calls for urgent additional funding of the federal courts, especially the Family Court of Australia and Federal Circuit Court of Australia.

“Australia’s family law system is chronically under-resourced, under-funded and overburdened. Families and children are having to wait up to three years, in many cases more, to have matters heard. As the federal courts’ workloads continue to increase, more resourcing is desperately needed to keep up with demand. This must include appointing further judges and registrars, and additional legal assistance,” Mr Moses said.

“Law Council calls on the Australian Government to commission a review of the resourcing needs of federal courts and tribunals in consultation with the community and key stakeholders. There is also a need for a national interpreter scheme to assist those for whom English is not their first language to access justice.”

Other key funding priorities identified by the Law Council include the need to: Adopt and adequately resource a transparent judicial appointments process; and establish and adequately resource a Federal Judicial Commission to provide training for federal judges as well as a fair mechanism to hear any complaints that may be made against the judiciary.

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QUEENSLAND’s exports have surged to a new record of $82.8 billion – the third record month in a row – on the back of another increase in the value of coal and minerals.

Queensland Resources Council (QRC) chief executive Ian Macfarlane said the increasing value of exports was a plus for every Queenslander.

“Queensland’s commodity exports make up about 80 per cent of the state’s total exports,” Mr Macfarlane said. “Every shipment of coal, minerals or LNG adds to the budget bottom line and puts money in the bank for every Queenslander.

“Coal exports alone are worth $36.2 billion of the export total and are $5.5 billion higher than this time last year. This reinforces the important role of Queensland’s coal communities and all 316,000 people who work in or with the resources sector and who do so much to add value directly to the state’s economy.

“Today we see even more evidence of the way the resources sector is supporting regional jobs, with the official commissioning of Rio Tinto’s $2.6 billion Amrun bauxite mine project on Cape York in far north Queensland.

“When the resources sector is strong, the Queensland economy is strong to deliver for all of us," Mr Macfarlane said.

“This year the resources sector will pay a record $5.2 billion in royalty taxes to the State Government to pay for schools, hospitals and roads and build projects like the Cross River Rail.”

www.qrc.org.au

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