Several education providers have falsely marketed courses and programs as FASEA approved, despite no such courses existing as yet.
The Financial Adviser Standards and Ethics Authority said it has obtained confirmation that several education providers recently produced and distributed marketing materials that incorrectly indicated their AQF8 graduate diploma offerings are approved by the government body.
FASEA said the materials have since been recalled and those that received the information have been advised that no such courses or programs have been approved by the body to date.
The standards body reinforced that accrediting AQF8 graduate diplomas is earmarked for later this year.
Separately, the Financial Planning Association of Australia has renewed its calls for a more pragmatic approach to raising financial adviser education standards.
In final recommendations to FASEA, the FPA has again called for all degrees and all financial planning qualifications to be recognised. A graduate diploma for new entrants and one bridging course covering the FASEA Code of Ethics and legalities have also been recommended.
The FPA believes the financial adviser exam to be an open-book, multiple choice only assessment purely focused on the FASEA Code of Ethics and explicit legal obligations. The association has further recommended the exam take no longer than three hours to complete.
In regards to continuing professional development, the FPA has recommended the requirements remain as 30 hours per year, though include formal education and minimum two hours per CPD category.
For those undertaking a professional year, the association is urging FASEA to remove the education component and replace it with a tailored CPD program. In relation to reference terms, the FPA believes Supervised Financial Planner/Adviser and Professional Year Financial Planner/Adviser would be more suitable than the proposed Provisional Financial Adviser.
The FPA will also be launching a new program for members that will provide tools and information to better understand education pathways and study credits as well as tips for exam preparation and undertaking further study.