Financial advisers who have completed a designation with the Association of Financial Advisers or the SMSF Association will have their efforts recognised by the Financial Adviser Standards and Ethics Authority.
The Financial Adviser Standards and Ethics Authority (FASEA) approved coursework from the Association of Financial Advisers (AFA) and the Self-Managed Superannuation Fund Association (SMSFA) as part of its education standards for financial advisers.
Advisers who completed the AFA's Fellow Chartered Financial Practitioner (FChFP) and Chartered Life Practitioner in or after 2013 will receive two credits for recognition of prior learning.
This is in line with the application submitted by the AFA to FASEA.
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Advisers who completed the SMSFA's SMSF Specialist Adviser designation on or after 2005 will be awarded one credit point.
FASEA chief executive Stephen Glenfield said: "The awarding of credits for coursework to attain the AFA and SMSFA designations provides appropriate recognition to existing advisers who have undertaken these further studies."
At the same time, FASEA has released a new online tool to give new entrants to the advice industry and existing advisers in Australia information about the education pathways that are required of them.
It's called the Education Pathways Tool and includes FASEA's currently approved degrees and FASEA-approved recognition of prior learning course work as well as the relevant degree definition.
The Education Pathways Tool will ask advisers a series of questions about their circumstances and based on the information entered it will provide an education pathway and courses likely to be required to be completed.
Glenfield said: "The release of the Education Pathways Tool will assist advisers to identify the likely required education pathway to comply with the education standards."
FASEA has assured advisers it will update the tool as new courses and credits are approved.