Who is a ‘New Entrant’ under the FASEA Standards?’
The Act sets out in section 1546A who an existing adviser is for the purposes of the Act. A new entrant is thus an individual who does not meet this definition.
“existing adviser” means:
a) a person who:
(i) is a relevant provider at any time between 1 January 2016 and 1 January 2019 (except a person who has ceased to be a relevant provider under subsection 1546B(4) or (5));
(ii) is not banned, disqualified or suspended under Division 8 of Part 7.6 on 1 January 2019; or
b) a person who:
(i) at any time between 1 January 2016 and 1 January 2019, provides personal advice in a foreign country to retail clients in relation to relevant financial products; and
(ii) is not prohibited under the law of the foreign country from providing such advice on 1 January 2019.
For new entrants there are two pathways – an undergraduate pathway and a postgraduate pathway designed for those with tertiary qualifications in another field and/or substantial work experience (minimum 3 years) in a related field at the discretion of the Education Providers’ post-graduate entry policy (the career changer pathway).
New Entrant – Undergraduate pathway
The undergraduate pathway is an AQF 7 Bachelor degree that meets the requirements of the AQF and TEQSA Act offered by a TEQSA registered HEP. These typically contain 24 courses offered over a three year period of full time study. FASEA will approve degrees for this purpose and they will need to contain the FASEA Financial Adviser Curriculum as a core part of that program.
New Entrant (Career Changer) – Postgraduate pathway
The post graduate (career changer) pathway is an AQF 8 Graduate Diploma, typically consisting of 8 courses or more offered by a TEQSA Registered Provider and contains the FASEA Financial Adviser Curriculum as a core part of the program. FASEA will also approve Masters (AQF 9) programs for the purposes of this pathway and they will need to contain the FASEA Financial Adviser Curriculum as a core part of that program.