Synchron responds to FASEA standards

The investment and life insurance firm released in a statement that the standards seemed to be appropriate for the industry. 

Synchron director John Prossor said he would continue to look into it but on face value it seemed reasonable.

“The increase in CPD requirements, from the current 30 hours a year to 40, will seem an impost to some advisers, however the requirement has been a fact of life for many years for those who hold the Certified Financial Planner (CFP) or Fellow Chartered Financial Practitioner (FChFP) designation. We therefore think 40 hours for all advisers is probably reasonable," he said.

However, Mr Prossor expressed surprise at the proposal that only 70 per cent of CPD hours would need to be approved by a licensee.

“We can’t see how we can ensure our authorised representatives keep up with their CPD requirements and not need to approve the other 30 per cent. However, what FASEA means by that proposal may become clearer on a closer reading of the instrument,” he said.

Mr Prossor said the transition arrangements, while a little difficult, would also be agreeable by Synchron.

"Our training year is March to February, and obviously we would have had difficulty changing our regime midstream, but we are happy to from 1 March 2019," he said.

Eliot Hastie

Eliot Hastie is a journalist at Momentum Media, writing primarily for its wealth and financial services platforms. 

Eliot joined the team in 2018 having previously written on Real Estate Business with Momentum Media as well.

Eliot graduated from the University of Westminster, UK with a Bachelor of Arts (Journalism).

You can email him on: [email protected]