The Financial Adviser Standards and Ethics Authority (FASEA) has formalised the legislative instrument that will provide three-month continuing professional development (CPD) relief for advisers due to the COVID-19 pandemic.
FASEA had registered the 2020 Legislative Instrument and Explanatory Statement for its Corporations (Relevant Providers Continuing Professional Development Standard) Determination (Amendment) 2020 on the Federal Register of Legislation.
The instrument, which was announced last month, would provide relief to advisers whose ability to complete CPD requirements had been impacted by COVID-19.
Advisers were granted an additional three months to meet the 40-hour CPD requirement as a one-off recognition, but would still be required to complete 40 hours of CPD in 12 months in future years and could not double-count hours across the years.
