Work and Training (Professional Year) Standard commenced 1 January 2019

The Professional Year standard commenced on 1 January 2019. It is a requirement of the Corporations Act 2001 that all new industry entrants are required to undertake before they are qualified as a Financial Adviser to provide personal financial advice to retail clients in respect of retail financial products.

A New Entrant is required to undertake a Professional Year of one year full-time equivalent comprising 1600 hours, of which at least 100 hours is to be structured training.

FASEA’s Professional year standard specifies a quarterly framework detailing key activities to be undertaken and competencies to be acquired and demonstrated. This approach enables an individual to transition from a directly supervised approach to an indirect supervision approach as follows:

  1. Quarter 1 – Client Observations and support to Supervisor/Experienced Adviser
  2. Quarter 2 – Supervised Client Engagement and Advice Preparation
  3. Quarter 3 and 4 – Indirect Supervision of Client Engagement and Advice Preparation.

    New Entrants will engage with their Supervisor and Licensee to establish a professional year plan which is aimed at developing the following competencies:

    1. Technical competence;
    2. Client care and practice;
    3. Regulatory Compliance and Consumer Protection and;4. Professionalism and Ethics.

    Provisional Relevant Provider Term

    Mid-way through the Professional Year and after passing the exam, the new entrant may use the terms Provisional Financial Adviser or Provisional Financial Planner as defined in the Corporations (Provisional Relevant Provider – Expressions) Determination 2018.

    In conjunction with their Supervisor and Licensee, the New Entrant will need to disclose to the client that they are a Provisional Financial Adviser or Provisional Financial Planner during the Professional Year and disclose the name of their supervisor who is accountable for the advice they give during their professional year.

    New Entrant Registration
    The Licensee will be required to notify FASEA of a new entrant at the commencement of the Professional Year. This will be used to validate a new entrant when registering for the exam.

    Professional Year Policy

    Policy requirements for new entrants, their Supervisor and the Licensee

    Professional Year Legislative Instrument & Explanatory Statement

    FAQ’s

    New Entrant Registration

    Application process to register a new entrant with FASEA

    FASEA Director Resignation – Ms Catriona Lowe

    The Financial Adviser Standards and Ethics Authority confirms the resignation of Catriona Lowe as a director of the Standards Authority, effective January 31 2020. Catriona has been appointed to a full-time role as a State/Territory...

    FASEA RELEASES PRELIMINARY RESPONSE TO SUBMISSIONS ON THE CODE OF ETHICS GUIDANCE

    MEDIA RELEASE FASEA released FG002 Financial Planners and Advisers Code of Ethics 2019 Guidance document (the guidance) on the 18th October 2019. During November 2019 and December 2019, FASEA undertook broad stakeholder consultation on...

    FASEA Welcomes New Director

    MEDIA RELEASE The Financial Adviser Standards and Ethics Authority (FASEA) notes the Government’s announcement of the appointment of Will Hamilton to the Board effective 9 December 2019. On behalf of the FASEA Board, Chair Catherine...

    FASEA releases draft Relevant Providers Degrees, Qualifications and Courses Standard 2019 Legislative Instrument

    MEDIA RELEASE FASEA has today released draft Relevant Providers Degrees, Qualifications and Courses Standard 2019 Legislative Instrument (the 2019 determination) and Explanatory Statement for consultation. The draft 2019 determination...

    FASEA releases September Exam Results

    FASEA today released exam results from the second Financial Adviser Exam held in September 2019.  Result highlights include: the exam was held in 8 metropolitan and 7 regional centres across Australia from 19 September to 23 September...

    Update to Code of Ethics Guidance Release

    Consultation Period Further to the recent (18 October 2019) release of FG002 Guidance to the Code of Ethics, the Financial Adviser Standards and Ethics Authority wishes to confirm the first consultation with designated representatives of...

    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.