FASEA determines provisional designations
In what represents the final piece in the Financial Adviser Standards and Ethics Authority (FASEA) framework, aspiring financial planners now know how they will be designated in their mandatory professional year – as either “Provisional Financial Adviser” or “Provisional Financial Planner”.
The FASEA has registered the final legislative instrument and explanator statement around the so-called Provision Relevant Providers arrangements, noting that the decision had been informed by stakeholder consultations in July and August and through formal submissions received in November.
The FASRA announcement means that the authority has met virtually all of the requirements put in place by the legislation underpinning the new regime just inside the time-line laid down by the Government.
The seven elements the FASEA board were required to get in place were:
- Approve Bachelor (or higher) degrees, or equivalent qualifications
- Approve an exam
- Set requirements for work and training
- Set requirements for continuing professional development
- Respond to applications for approval of foreign qualifications
- Make a Code of Ethics
- Specify a word or expression to refer to a provisional relevant provider
Recommended for you
An adviser has received a written reprimand from the Financial Services and Credit Panel after failing to meet his CPD requirements, the panel’s first action since June.
AMP has reported a 61 per cent rise in inflows to its platform, with net cash flow passing $1 billion for the quarter, but superannuation fell back into outflows.
Those large AFSLs are among the groups experiencing the most adviser growth, indicating they are ready to expand following a period of transition and stabilisation after the Hayne royal commission.
The industry can expect to see more partnerships in the retirement income space in the future, enabling firms to progress their innovation, according to a panel.
