Licensees will sit at the centre of the continuing professional development (CPD) regime being proposed by the Financial Adviser Standards and Ethics Authority.
FASEA has established 40 hours a year as the minimum requirement with respect to continuing professional development (CPD).
FASEA laid down the requirement with the release of the legislative instrument underpinning the arrangement last night.
Under the standard, being proposed by FASEA advisers are required to complete 40 hours of CPD each year of which 70 per cent will need to be approved by the licensee (including a maximum 4 hours of professional reading). The minimum hours for CPD categories are:
- Technical – 5 hours
- Client Care and Practice – 5 hours
- Regulatory Compliance and Consumer Protection – 5 hours and
- Professionalism and Ethics – 9 hours
FASEA said the balance up to 40 hours would consist of qualifying CPD.
It said that transition arrangements for 2019 would be on a pro-rata basis for licensees whose CPD year is not a calendar year.
Commenting on the proposed arrangements, FASEA chief executive, Stephen Glenfield said the authority welcomed stakeholder feedback as it moved to the final stage of development for the CPD standard.