The Financial Adviser Standards and Ethics Authority (FASEA) has granted a once off three-month extension to meet the 40-hour continuing professional development (CPD) requirement.
Advisers would be required to complete 40 hours of CPD in 12 months in future CPD years and may not double count hours across years.
FASEA had received enquiries and requests for relief relating to compliance with CPD requirements due to COVID-19 business disruption.
FASEA said it would consult on a legislative instrument amendment to give effect to this extension.
“In recognition of the difficulty in attending face to face training due to COVID-19 restrictions, FASEA encourages advisers to utilise effective solutions being offered by Licensee CPD programs that contain online learning as part of a led or conducted CPD program,” FASEA said.
“Video conferencing and/or webinar technology options are equally considered appropriate alternatives to face to face offerings.”
Comments
Yet again the noisy minority win out.
Totally unnecessary pandering to those too lazy to do the right thing!
Excuse me, what? Is it April Fools Day? Surely this must be a joke. Announced with 5 days to go!!! This FASEA organisation is a complete basket case, and everyone knows it. The board needs an urgent clean out. Replace some of these fools with experienced financial planners. For god's sake Jane Hume, just do it.
It's not a joke, just incompetent!
I suspect the 20 hours in less CPD will make little to no impact on the quality of work & result Advisers achieve for their clients. But they will have about 3 more days a year to assist their clients, than normal. On top of the 2 months a year they are losing doing 2 University Units, for the next 4 years.
This was requested back in March (a sensible request) but FASEA as usual waited until 5 days before the end of the FY to provide relief?
WOW what next - so do doctors/ emergency workers etc not have to keep up to date due to COVID ???- now more than ever this industry should be demanding only the best continue to operate - after all Australians need our guidance more than ever now to assist them to make sound financial decisions....Will FASEA endorse their inadequate SOA's and advice too????
Clearly you are not an Adviser and just an arm chair critic. An expert but somehow have never practised? Any actual adviser here would know that if you are on the 60 hour transition CPD year, you need closer to 85 hours completed to achieve all of the FASEA areas and licensee capped areas to achieve the overall 40 hour FPA requirement and the 60 hour transitional requirement. This is just over the top. Lawyers only require 11 hours in total. Doctors only 50 hours. We need to target closer to 85 hours to get to the required 60 hours in very prescribed areas (with limits on topic areas).
Spot on Tom.
I thought 2 bridging subjects, one adviser exam, 40 hours cpd though kaplan was enough for this year. But no just noticed fasea needs another 5 hours as well. So off to learn about what asic expects from soas and other pearls of wisdom from industry experts that could never make it as an adviser for 5 more hours. Tpb hours, cpd hours, licencee hours, fasea hours, where does it all end?
Unbelievable. No licensee would allow it's advisers to have not completed their CPD by now. What a total smoke blowing exercise... "Aren't we awesome, we give advisers relief" What BS.
What a disgrace. A reasonable adviser would have already done this. Just another exemption for those who shouldn’t be giving advice.
What a joke FASEA is? Some relief would have been to announce this in May. Not with 3 business days till end of June. Just another look what we have done for you from Fasea when in reality for most of us we have already run ourselves into the ground by ensuring we have completed our points over the last few months at great risk to our sanity. FASEA = incompetence.
Too little too late as usual.
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