The latest update from the Financial Advisor Standards and Ethics Authority (FASEA) is that financial advisers who hold a foreign qualification will need to apply to the Ethics Authority to get their qualifications approved.
“The opening of the Foreign Qualifications Assessment Service will enable persons holding international qualifications to obtain approval of their qualifications and to confirm any further education they must undertake to continue operating in the industry after 1 January, 2024,” FASEA Chief Executive Officer Stephen Glenfield said, in his official statement.
Earlier this week, FASEA released a foreign Qualifications Assessments service form.
In their release, FASEA said they will assess foreign qualifications against their Australian equivalents and may even specify courses that the financial adviser would need to complete in addition to their foreign qualification.
After the foreign equivalent qualifications are assessed, the applicant would be added to a local register.