FASEA releases draft Provisional Relevant Provider Term guidance
The Standards Authority is today releasing guidance around the Provisional Relevant Provider Term, which refers to the 12 month period when a new financial adviser is undertaking their Professional Year work and training requirements.
The Provisional Relevant Provider Term is an essential component of the standards framework to ensure it is clear to consumers when they are receiving advice from a Provisional Relevant Provider, rather than a Relevant Provider.
FASEA has been requested to specify a word or expression to refer to a Provisional Relevant Provider and is proposing the term “Provisional Financial Adviser” be used to ensure it is obvious that the individual is undertaking the work and training requirements.
Provisional Relevant Providers must be referred to by this term and no other similar term, including Relevant Provider, Financial Adviser or Financial Planner. Other terms that were considered by the Standards Authority include “Candidate Adviser”, “Trainee Adviser” and “Supervised Adviser”.
The Standards Authority welcomes feedback on any aspect of the proposed Provisional Relevant Provider Term guidance. Submissions for this proposed guidance will close 5pm 17 August 2018.
For further information on guidance around the Provisional Relevant Provider Term, please see the full guidance paper.