Announcements

FASEA releases Continuing Professional Development Legislative Instrument

Nov 22, 2018

MEDIA RELEASE:

FASEA releases Continuing Professional Development Legislative Instrument

FASEA has today released its legislative instrument on continuing professional development (CPD) for consultation.

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

Under the standard, 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.

“We welcome stakeholder feedback as we move to the final stage of development for the CPD standard and it will be reviewed prior to release of the final standard,” FASEA Chief Executive Stephen Glenfield said.

The legislative instrument and explanatory statement can be viewed here

All feedback and submissions on the Legislative Instrument can be submitted through FASEA’s dedicated consultations email consultation@fasea.gov.au by 7 December 2018.

RELEASE ENDS

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.