Consultation

Draft Legislative Instrument for Work and Training Requirement

Nov 16, 2018

Work and Training Requirement Draft Legislative Instrument

This consultation process has now been completed
16/11/2018 – 30/11/2018

CONSULTATION CLOSED

Section 921U(2)(a)(iii) of the Corporations Act 2001 (the Act) requires FASEA by legislative instrument to set requirements for work and training (professional year) that a person must undertake to meet the third of the education and training standards under section 921B of the Act.

Under the finalised standard, FASEA proposes a Provisional Relevant Provider will be required to undertake a Professional Year comprising 1600 hours, of which 100 hours is to be structured training.

Provisional relevant providers will engage with their supervisor and licensee to establish a professional year plan aimed at developing the following competencies:

  1. Technical competence;
  2. Client care and practice;
  3. Regulatory Compliance and;
  4. Consumer Protection, Professionalism and Ethics.

Download

Explanatory Statement

Download

Legislative Instrument

Download

Professional Year Policy Statement

Consultation Feedback

FASEA released Consultation Paper 5: Professional Work & Training Requirement on 23 July 2018 inviting submissions by 15 August 2018 on the guidance contained in the paper.

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.

A total of 24 formal submissions were received for this standard. All feedback and submissions received due consideration by FASEA in finalising the standard.

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 30 November 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.