Risk Regulatory Updates

FASEA releases draft amendments to Education Legislative Instrument

Current degrees, bridging courses and recognition of prior learning are to be added to the future Education Legislative Instrument, with draft amendments made to the Corporations (Relevant Providers Degrees, Qualifications and Courses Standard) Determination 2020.

In addition to previously announced approvals, the proposed amendments include two credits of approved recognition of prior learning for existing advisers who have completed both a relevant degree and a post-graduate relevant degree will only be required to complete two bridging courses to meet requirements.

The draft amendment includes adjustments to some historical course/degree details provided to FASEA by providers after registration of the 2020 determination. Feedback is sought.

Economics Committee hearings for big banks on pandemic response

Executives from Australia’s biggest four banks are to appear before a parliamentary committee to talk over their response to the pandemic. The hearings are part of the House of Representatives Economics Committee’s responsibilities in scrutinising financial players. Discussions will focus on mortgages and small-medium business loan deferrals.

New adviser disciplinary body launch delayed

The new disciplinary body for financial advisers recommended by the Royal Commission was due to be launched in January 2021 but has now been delayed until June 2021. The Federal Government is still working through design features, which is being set up to professional the financial advice industry.