FASEA releases draft Professional Year guidance
The Standards Authority is today releasing proposed guidance on the incoming Professional Year (PY) requirement for provisional relevant providers. The PY is an essential component of FASEA’s educational qualifications and standards framework that all new industry entrants will be legally required to undertake before they can provide personal advice to retail clients.
The Standards Authority proposes that the PY will encompass practical learning of four core technical competencies that provisional relevant providers have learned during their degree studies – technical competence, client care and practice, regulatory compliance and consumer protection, professionalism and ethics. A quarterly approach to the supervised practical learning is proposed.
New advisers will undertake the PY requirements in their first continuous 12 months of full-time employment and are proposed to be known as Provisional Financial Advisers during that time.
Where an adviser takes a career break for periods of less than 2 years, they are able to return without additional requirements over and above professional and education standards for existing advisers. For periods of 2 years or more, they will undertake appropriate continuing professional development to ensure they are equipped with the latest regulatory and licensee requirements.
The guidance also proposes that a supervisor within each advice business will be appointed to take responsibility for the Provisional Relevant Provider’s work and training, ensure evidence is collected in a logbook and attest to the completion of their PY requirements.
The Provisional Relevant Provider’s licensee will also be responsible for providing the appropriate resources to ensure their training standard has been met.
The Standards Authority welcomes feedback on any aspect of the proposed Professional Year guidance. Submissions for this proposed guidance will close 5pm 17 August 2018.
For further information on guidance around the Professional Year, please see the full guidance paper.