The Financial Adviser Standards and Ethics Authority (FASEA) has put it on licensees to help their advisers deal with continuing professional development (CPD) requirements impacted by COVID-19.
The authority has issued a statement acknowledging the difficulties advisers are facing in terms of face-to-face CPD offerings and has urged licensees to “take a supportive approach to compliance in these extraordinary circumstances”.
“FASEA understands that effective solutions are being offered by licensee CPD programs that contain online learning as part of a led or conducted CPD program. Video conferencing and/or webinar technology options are appropriate alternatives to face to face offerings,” the authority’s statement said.
“Licensee CPD policies are required to include potential relief provisions to assist the needs of advisers affected by extenuating circumstances (including medical). Advisers affected in this way should consider contacting their licensee to determine the most appropriate approach to their individual position.”
“In the current extraordinary circumstance licensees will no doubt be reviewing and, where appropriate, adjusting their CPD policy to include appropriate provisions.”
Comments
Doesn't everyone use Kaplan Ontrack anyway and they updated their content to be in digital format to meet FASEA requirements? Surely this is a non-issue. My licensee has reminded us that its 40 hours regardless of what is happening and we can achieve this through Ontrack while working from home
No Steve, not all licensees use Kaplan products. I have used it in the past so I am familiar with it. I typically have to complete DOUBLE the no. of hours to get the right number of points in various categories. These online training modules will not have sufficient content to cover 60 hours across all the various categories for the 18 month period. FASEA had an opportunity to be lenient at a time of crisis. They have failed. Once again, this proves those running FASEA have no empathy or understanding of the job we do. This is why the current board needs to be culled and replaced with a majority of practicing financial planners. No other profession would tolerate this utter nonsense, where people with little understanding of our profession are making radical and life changing decisions.
This shows how out of touch FASEA is with how their own laid down requirements are actually administered by Licensees in the real world.
How about they get their own conflicted house in order before they start to lecture Licensees on their responsibilities to their advisers.
Devote your time to sorting out the two codes of ethics which ASIC has told you they don't even understand.
I am a Director of a licensee with 23 ARs and we already have in place procedures and monitoring via Kaplan to ensure that the ongoing CPD requirements are being met in these changed times.
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