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FASEA | Cowell Clarke Lawyers

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The new education standards from FASEA come into effect on 1 January 2019. New financial planners will be required to obtain the equivalent of a bachelor’s degree. There are transitional requirements that will apply to existing financial planners who are already listed on ASIC’s Financial Adviser’s Register.

  • Are you aware of the transitional requirements that may apply to you?
  • Do you have questions about FASEA approved courses and degrees?
  • Do you understand the new standards for training and ethics?

Cowell Clarke’s Financial Services Practice are guiding our clients through this process.

Our Services

Through our online AFSL compliance platform, we support our clients transitioning to the new FASEA standards such that the process has minimal impact on the conduct of the day-to-day business. We provide our clients with hands-on practical assistance by educating and advising them of their new FASEA obligations. We equip them with the necessary compliance documentation to ensure that the new FASEA standards are implemented effectively and efficiently.

The AFSL compliance platform is more than just an online solution. Sitting behind it are real people with real world experience delivering legal advice that is practical and commercial for financial service providers.

The Industry

The financial services regime in Australia is complex and will continue evolve significantly, especially following the Royal Commission in the Banking, Superannuation and Financial Services Industry. The central task of the Royal Commission was to inquire into, and report on, whether any conduct of financial services entities amounted to misconduct - the straight answer was yes.

Since the Royal Commission, ASIC is exploring ways to flex its enforcement muscles and actively police the financial services market. This includes increasing the use of ASIC notices, examinations, desk top reviews of disclosure documents, e-surveillance, e-investigation and e-discovery for investigation and discovery of breaches. The increase of enforcement activities, and of regtech in compliance, will be strategic priorities for ASIC this year.