FASEA reveals plans for CPD and foreign degrees
The Financial Adviser Standards and Ethics Authority (FASEA) has released its draft guidance on continuing professional development (CPD) and foreign qualifications, adding to the gradually growing amount of information it has shared on its proposed education requirements.
Under the draft CPD guidance, advisers would need to complete a minimum of 50 hours of CPD per year, the majority of which would need to be approved. Advisers would also be responsible for maintaining a continuous accurate record of their CPD activities.
There would a “reasonable degree of flexibility” within these requirements, with up to 20 hours of CPD activities able to be allocated to subjects of the provider’s or licensee’s choosing. Advisers would also be able to count hours spent on other formal education qualifications required as part of FASEA’s framework.
FASEA said the CPD proposals were in line with its commitment to raising education and trading standards in the industry.
“The proposed approach to CPD aims to ensure that providers participate in development programs and activities that ensure they maintain and extend their professional capabilities, knowledge and skills including keeping up to date with all regulatory, technical and other developments relevant to professional practice,” the Authority said.
Both new and existing advisers seeking to get foreign qualifications recognised would need to obtain an assessment from the National Office of Overseas Skills Recognition (NOOSR), which would compare their foreign qualification to an Australian qualification using the Australian Qualifications Framework.
New advisers with NOOSR-approved degrees would hen need to complete an approved postgrad course to meet the new standards but would be entitled to recognition of prior learning, while existing advisers with NOOSR-approved degrees would need to apply to the Standards Authority for an assessment of whether the degree was a relevant qualification.
Should the degree be deemed relevant, the adviser would then need to meet the related degree pathway. If unrelated, they would need to pursue the unrelated degree pathway.
FASEA said it would welcome feedback on both guidances, with submissions closing at 5pm, 31 August, this year.
AUTHOR
Hannah Wootton
Recommended for you
As the industry navigates the fallout from recent product failures, two major AFSLs have detailed their APL selection process and relationship with research houses, warning a selection error could “destroy” a licensee.
The impending retirement of financial advisers in their 50s could see the profession face significant succession challenges over the coming decade and younger advisers may not be the answer.
With a third of AFSLs being solo advisers, how can they navigate key person risk and ensure they are still attractive propositions for buyers when it comes to their succession planning?
A quarter of advisers who commenced on the FAR within the last two years have already switched licensees or practices, adding validity to practice owners’ professional year (PY) concerns.
