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.
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Only the most narcissistic and morally bankrupt organisation would implement so-called 'relief' like this, coming into force 2 weeks after the due date and announced at the death knell after everyone had already busted their guts completing the CPD. One can only conclude that FASEA are deliberately trying to portray themselves as a reasonable organisation to outsiders, like the media and politicians, while at the same time offering nothing of substance except pain and grief for financial advisers. It is time for everyone involved in financial services to call out these bastards. The intent behind FASEA was good, but those in control have hijacked it to pursue their own ignorant and callous agenda. Enough is enough.
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