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20 December 2018

FASEA releases final Legislative Instrument for Work and Training (Professional Year) Standard


FASEA has registered the Legislative Instrument and Explanatory Statement for its Work and Training (Professional Year) Standard on the Federal Register of Legislation.

The Determination was informed through consultation with stakeholders in July and August 2018 and through 13 formal submissions during FASEA’s consultation process in November 2018.
The effect of the Instrument is that those undertaking work and training requirements will be known as Provisional Financial Planners or Provisional Financial Advisers once they have passed their exam which will typically be midway through their Professional Year following which they can be authorised by their Licensee.

The Professional year will be the equivalent of one year’s full-time work and it will comprise 1600 hours, of which 100 hours is to be structured training. A professional year plan will be required to develop the following competencies: technical competence; client care and practice; regulatory compliance and consumer protection, professionalism and ethics.

“We thank stakeholders for their input during the consultation process for FASEA’s work and training determination, FASEA Chief Executive Stephen Glenfield said.

The Legislative Instrument and Explanatory Statement can be viewed here