Licensees at centre of FASEA CPD regime

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.

Related News:

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.




Related Content

AFS licensees could be breaking overseas laws

Australian Financial Services (AFS) licensees that offer over-the-counter (OTC) derivatives to retail investors located in some overseas jurisdictions...Read more

Chartered Accountants confirm FASEA approach

Chartered Accountants Australia and New Zealand has admitted advocating to the Financial Adviser Standards and Ethics Authority (FASEA) for the educat...Read more

Global number of CFPs rises in 2018

The Financial Planning Standards Board (FPSB), the global licensing body for the certified financial planner designation, has announced that the globa...Read more

Author

Comments

Add new comment