Consultation

Draft Guidance on the Provisional Relevant Provider Term

Jul 23, 2018

Provisional Relevant Provider Term

This consultation process has now been completed
23/07/2018 – 17/08/2018

CONSULTATION CLOSED

The Provisional Relevant Provider Term refers to the 12 month period when a new financial adviser is undertaking their Professional Year work and training requirements. The term is an essential component of the standards framework to ensure it is clear to consumers when they are receiving advice from a Provisional Relevant Provider, rather than a Relevant Provider.

FASEA has been requested to specify a word or expression to refer to a Provisional Relevant Provider and is proposing the term “Provisional Financial Adviser” be used to ensure it is obvious that the individual is undertaking the work and training requirements.

Provisional Relevant Providers must be referred to by this term and no other similar term, including Relevant Provider, Financial Adviser or Financial Planner. Other terms that were considered by the Standards Authority include “Candidate Adviser”, “Trainee Adviser” and “Supervised Adviser”.

Download

Provisional Relevant Provider Term proposed guidance

Consultation Feedback

The Standards Authority welcomes feedback on any aspect of the provisional relevant provider term, submissions for this proposed guidance will close 5:00pm 17 August 2018.

Consultation Interests of FASEA

The Standards Authority is interested in your specific feedback on:

Section 3.1

Is the proposed term of “Provisional Financial Adviser” an appropriate term to define an individual who is undertaking their work and training requirement? If not, why not?

Section 3.2

Is the proposed term of “Provisional Financial Adviser” appropriate to ensure consumers understand the individual is undertaking their work and training requirement?
Are there any implications of this from a consumer perspective?

Section 3.3

Are there any alternative terms that may be considered?

MAKE YOUR SUBMISSION

Your feedback on this consultation paper will assist FASEA to finalise the development of a Standard for the provisional relevant provider term
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

The Financial Adviser Standards and Ethics Authority Limited was established in 2017 to set the education, training and ethical standards of financial advisers in Australia.

 

 

The Financial Adviser Standards and Ethics Authority Limited was established in 2017 to set the education, training and ethical standards of financial advisers in Australia.