The Financial Adviser Standards and Ethics Authority (FASEA) has confirmed the terms of the professional year for aspiring financial planners entailed 1600 hours of which 100 hours is structured training.
The legislative instrument underpinning the arrangement was released today with FASEA stating that those undertaking the professional year would be known as Provisional Financial Planners and Provisional Financial Planners once they had passed their exam which would be typically midway through the professional year.
It said after completing the exam, the provisional planners could be authorised by their licensee.
“The Professional year will be the equivalent of one year’s full-time work and it will comprise 1600 hours, of which 100 hours is to be structured training. A professional year plan will be required to develop the following competencies: technical competence; client care and practice; regulatory compliance and consumer protection, professionalism and ethics,” the FASEA statement said.