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Professional Year

This consultation process has now been completed

23/07/2018 - 17/08/2018

CONSULTATION CLOSED

The Professional Year is an essential component of FASEA’s educational qualifications and standards framework that all new industry entrants will be legally required to undertake before they can provide personal advice to retail clients. 

The Standards Authority proposes that the Professional Year will encompass practical learning of four core technical competencies that advice graduates have learned during their degree studies - technical competence, client care and practice, regulatory compliance and consumer protection and professionalism and ethics. A quarterly approach to the supervised practical learning is proposed.

New advisers will undertake the Professional Year requirements in their first continuous 12 months of full-time employment and will be known as provisional relevant providers during that time.

Where an adviser takes a career break for periods of less than 2 years, they are able to return without additional requirements over and above professional and education standards for existing advisers.  For periods of 2 years or more, they will undertake appropriate continuing professional development to ensure they are equipped with the latest regulatory and licensee requirements.

The guidance also proposes that a supervisor within each advice business will be appointed to take responsibility for the Provisional Relevant Provider’s work and training, ensure evidence is collected in a logbook and attest to the completion of their PY requirements. 

The Provisional Relevant Provider’s licensee will also be responsible for providing the appropriate resources to ensure their training standard has been met.

Consultation Feedback

 

The Standards Authority welcomes feedback on any aspect of the proposed professional year, submissions for this proposed guidance will close 5pm 17 August 2018. 

Consultation Interests of FASEA

The Standards Authority is interested in your specific feedback on:

 

Section 3: Responsibilites for approving work and training in the Professional Year 

  • Question 
  • S3.1 Do you agree with the requirement for supervisors to have a minimum of 2 years' experience as a relevant provider? 

 

Section 4: Requirements - Work and training 

 

Proposal:  FASEA proposes the Provisional Relevant Providers who take a career break must meet the existing adviser education and additionally CPD for those that have been away for more than 2 years. That the amount of time spent in work and training is 1800 hours split between 800 hours of education and training, 1000 hours of work. Further details in Section 4.

  • Questions
  • S4.1.Do you agree with what is required of those individuals that return after a career break? If not, why not?
  • S4.2. Do you agree with the proposed amount of time and split between work and training required of the proposed Professional Year? If not, why not?
  • S4.3. Do you agree that formal education should contribute to the training requirement of the proposed Professional Year? If not, why not?

 

 

Section 5: Competencies required for satisfaction of work and training standard 

Proposal: FASEA proposes the following competencies expected to be demonstrated before conclusion of the work and training period:

·      Technical competence

·      Client care and practice

·      Regulatory compliance and consumer protection

·      Professionalism and Ethics

A quarterly supervised approach is proposed to ensure a structured approach, this includes the following quarterly milestones:

·      Quarter 1: Client Observations and support Supervisor/Experienced Adviser

·      Quarter 2: Supervised Client Engagement and Advice Preparation

·      Quarter 3 and 4: Indirect Supervision of Client Engagement and Advice Preparation
Further details in Section 5. 
 
  • Questions
  • S5.1 Do you agree with the competencies expected to be demonstrated before conclusion of the work and experience period?
  • S5.2. Do you agree with the proposed quarterly supervised approach and indicative key activities aligned to each quarter?

 

 

Section 6: Evidence collection 

Proposal: FASEA proposes that evidence is collected using output and input based approaches to measure competence. Further details in Section 6.

  • Questions
  • S6.1 Do you agree with the combination of approaches for the measurement of competence and collection of evidence?
  • S6.2 Do you agree of the proposed periodic review between the Provisional Relevant Provider and the Supervisor?

 

 

Section 7: Exit Criteria 

Proposal: FASEA proposes that a Professional Relevant Provider and the Supervisor meet certain exit criteria requirements before the Professional Year can be declared complete. Further details in Section 7.

  • Questions
  • S7.1 Do you agree with the proposed exit criteria and the requirements of the Provisional Relevant Provider?
  • S7.2  Do you agree with the proposed exit criteria and the requirements of the Supervisor?

Section 8: Potential resources and templates 

 
FASEA proposes a number of resources and templates to guide Provisional Relevant Providers, Supervisors and licensees, these include:

·      Quarterly Activity Guide 

·      PY Logbook

·      Supervisor Attestation Template  

Further details in Section 8.

  • Questions
  • S8.1 Do you believe that templates may be useful and could be used as a guide only? 
  • S8.2 Are there templates in respect of any other matters that would be useful? 

 

MAKE YOUR SUBMISSION

Your feedback on this consultation paper will assist FASEA to finalise the development of a Standard for the Professional Year.
Submissions must be provided in writing. To ensure your submission is valid, please email it to our dedicated consultations email address (consultation@fasea.gov.au).

Due date for submission: 5pm 17 August 2018