At least one adviser has written to the Financial Adviser Standards and Ethics Authority (FASEA) asking the authority to adopt a facilitative to continuing professional development (CPD) points because of the number of seminars and conferences cancelled due to COVID-19.
Adrian Hanrahan has taken to social media to share an e-mail he has sent to FASEA chief executive, Stephen Glenfield, pointing out the widespread cancellation of CPD seminars and asking whether the authority would be prepared to take the situation into account.
“I was wondering if FASEA intends to take a ‘facilitative approach’ to CPD requirements for the current CPD year,” Hanrahan’s e-mail said. “For example, a temporary reduction in the required CPD hours or a temporary relaxation of the requirement for a CPD activity to be ‘led or conducted by 1 or more persons’ to better facilitate self-directed learning.”
Hanrahan said he believed a temporary change in the prescriptive CPD framework would represent welcome relief to the profession.
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FASEA will not listen. There's been calls for FASEA to cancel the April sitting of the FASEA Exam, yet FASEA released an email yesterday advising that the April exams will still go ahead. This is despite crammed exam centres where potentially hundreds of "students" sit in close proximity to each other for 3.5hrs, not to mention they are crammed in a small waiting area for up to 1hr prior to the exam. Advisers are getting smashed by the markets and smashed by their clients - they are run off their feet. ACER said they can cancel the exam "last minute". WTF??? This shows no respect for people/s time, which is at a premium at present. How would you feel if you studied for a whole month, only to have your exam cancelled last minute. This needs to stop & stop NOW!!
The irony is that it would be seen to be UNETHICAL for FASEA not to support the advisers during this most stressful and challenging period by allowing extensions and flexibility in regard to exams.
However, when you consider how FASEA has treated advisers commentary and concerns in relation to the process and outcome of the Code of Ethics, it is very likely that FASEA will in fact place their own interests in front of the advisers.
That would be deemed unethical would it not ?
Bruce I agree wholeheartedly. As an adviser who registered for the April exam and has been diligently cramming for the past month, I can't believe they have reserved the right to 'cancel last minute'. I have taken their power away and withdrawn my registration until we have further detail regarding the sessions. Received a full refund of exam fee so all good!
With the incredible disruption already at play on so many levels with much more yet to come, it is now imperative and entirely necessary for Minister Hume to push for the extension of the completion of the FASEA exam and the qualification period of degree status to the proposed time frames.
The current disruption to advisers practices and major losses of income based on the share markets plunging has and will create an enormous level of angst and anxiety among advisers, their staff and their clients.
In a crisis such as now , it is only right that understanding and empathy is afforded to advisers and the appropriate extensions to examinations and completion of courses are applied immediately.
If anyone thinks the government and those doing their bidding like ASIC and FASEA care what happens to advisers, you're delusional.
This whole process is to eliminate as many out of the industry/profession as possible with only a fraction of those able to survive the cull before the 2026 educational requirements.
Make no mistake, this has been the intention right from the very start by those vested interests, with that agenda.
None of us can rely on those professional bodies who are supposed to represent us to all of a sudden stand up for their members, when acquiescence and capitulation is a much easier road to travel.
They aren't going to change - FACEA and ASIC, it was put in place to teach and test. It appears that advisers still haven't learnt how to protect client portfolios in volatile times. Just like in the GFC, many retirees are going to have their retirements put at risk due to bad strategies - pay for more quality research, don't listen to fund managers, your inhouse research people nor the media. There were people warning about the need to go "defensive" as far back as January - Take note, listen and stop playing around with people's lives - this is a clear sign that all advice should be separated from any product - Rant over !
You are a fool mate. Shall I rub my crystal ball and let you know when the exact bottom of the market is too?
"There were people warning about the need to go "defensive" as far back as January"
Who and on what basis?
And please remember, the following you have excluded from any answer you might have.
"don't listen to fund managers, your inhouse research people nor the media"
Review mirror expert or Nostradamus?
Possibly both.
I bet you are a really popular person at BBQ's!
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