FASEA releases CPD legislative instrument

Under the standard, FASEA proposes advisers are required to complete 40 hours of CPD each year, 70 per cent of which will need to be approved by the licensee (including a maximum four hours of professional reading), FASEA said in a statement.

The minimum hours for CPD categories are:

• Technical – five hours
• Client care and practice – five hours
• Regulatory compliance and consumer protection – five hours; and
• Professionalism and ethics – nine hours

The balance up to 40 hours will consist of qualifying CPD.

Also, transition arrangements for 2019 will be on a pro-rata basis for licensees whose CPD year is not a calendar year.

“We welcome stakeholder feedback as we move to the final stage of development for the CPD standard and it will be reviewed prior to release of the final standard,” said FASEA chief executive Stephen Glenfield.

The legislative instrument was informed from 35 submissions received during FASEA’s consultation process for this standard in July and August 2018.

All feedback and submissions on the legislative instrument are due by 7 December 2018.

Adrian Flores

Adrian Flores is a deputy editor at Momentum Media, focusing mainly on banking, wealth management and financial services. He has also written for Public Accountant, Accountants Daily and The CEO Magazine.

You can contact him on [email protected].