FASEA releases draft Continuing Professional Development guidance
The Standards Authority is today releasing guidance around Continuing Professional Development (CPD) for providers, which outlines the proposed learning requirements required to be completed each year.
The proposed approach to CPD aims to ensure that providers participate in development programs and activities that ensure they matintain and extend their professional capabilities, knowledge and skills including keeping up to date with all regulatory, technical and other developments relevant to professional practice.
The Standards Authority proposes that advisers be responsible for maintaining a continuous accurate record of their CPD activities, which must be provided to the licensee in order to maintain compliance with the CPD year requirements.
In line with the Standards Authority’s commitment to raise the education and training standards of the industry, advisers will need to complete a minimum of 50 hours CPD per year, the majority of which must be approved.
Advisers will have a reasonable degree of flexibility within these requirements, as up to 20 hours can be allocated to subjects of the provider’s or licensee’s choosing, and other formal educational qualifications required as part of the standards framework, such as bridging courses, can also be counted towards CPD hours.
The guidance also proposes licensees take an active role in setting and managing the direction of their providers’ CPD activities, as they will be required to publish a CPD policy and assess CPD activities based on guidance provided by the Standards Authority.
The Standards Authority welcomes feedback on any aspect of the proposed CPD guidance. Submissions for this proposed guidance will close 5pm 31 August 2018.
For further information on guidance around CPD, please see the full guidance paper.
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.