Effective from 21 September 2023, financial advisers who qualify for the experience provider pathway have an alternative route to meet the education standards normally required. This new regulation signifies a critical shift towards recognizing the professional experience of seasoned advisers, making the pathway a feasible option for those meeting specific eligibility criteria.
According to ASIC's recently released guidance, both advisers and AFSLs have numerous obligations under the experience pathway declarations. Financial advisers who wish to utilize this pathway must provide their AFSLs with a written declaration of their eligibility as soon as possible.
This guidance, initially published in May 2023, specifies detailed instructions on how both advisers and AFSLs should proceed. To ensure compliance, ASIC has encouraged the timely submission of these eligibility declarations by financial advisers to their respective AFSLs.
Notably, compliance with this notification obligation is straightforward: the submissions can be carried out through ASIC Connect, reinforcing the ease and efficiency of the process.
Although the pathway offers an alternative to achieving educational standards, it does not diminish the scrutiny on validating the qualifications of financial professionals. It signifies ASIC's recognition of the value of hands-on experience, providing a balanced approach between academic qualifications and practical professional experiences.
This reminder comes in the wake of discussions about modernizing the pathways to professional qualifications across various sectors, including financial services, to better serve experienced professionals without compromising on quality or service standards.
For further details, ASIC's comprehensive guidance document outlines the specific steps that need to be taken by both financial advisers and their AFSLs. Ongoing adherence to these guidelines will be crucial for all parties involved to ensure the legitimacy and robustness of the experience-based qualification.
The original reminders and guidance on this topic were detailed by the Australian Securities and Investments Commission (Source: ASIC).
Published:Thursday, 27th Jun 2024
Source: Paige Estritori
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