Consultation

Draft Legislative Instrument for Continuing Professional Development

Nov 22, 2018

Continuing Professional Development Draft Legislative Instrument

This consultation process has now been completed
22/11/2018 – 07/12/2018

CONSULTATION CLOSED

FASEA proposes advisers are required to complete 40 hours of CPD each year of which 70% will need to be approved by the licensee (including a maximum 4 hours of professional reading). The minimum hours for CPD categories are:

Technical – 5 hours
Client Care and Practice – 5 hours
Regulatory Compliance and Consumer Protection – 5 hours and
Professionalism and Ethics – 9 hours
The balance up to 40 hours will consist of qualifying CPD.

Transition arrangements for 2019 will be on a pro-rata basis for licensees whose CPD year is not a calendar year.

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Consultation Notification

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Explanatory Statement

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Draft Legislative Instrument

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Policy Statement – FPS004 CONTINUING PROFESSIONAL DEVELOPMENT

Consultation Feedback

The legislative instrument was informed from consultation received through 35 submissions during FASEA’s consultation process for this standard in July and August 2018.

During the submission period FASEA consulted with key stakeholders representing industry associations, individual financial advisers, financial advice licensees, education providers and consumer representatives including facilitating consultation forums with representatives from key stakeholder groups.

MAKE YOUR SUBMISSION

FASEA invites submissions and/or comments on the draft Legislative Instrument through our dedicated consultations email (consultation@fasea.gov.au) or via our Contact Us page.

Due date for submission: 5pm 7 December 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.