FASEA releases CPD instrument for consultation

The authority today released its legislative instrument around granting advisers an extra three months to meet the 40-hour CPD requirement for this financial year.

"FASEA recognises the challenges COVID-19 business disruption presents advisers and understands that completion of planned CPD offerings may be difficult," the authority said.

"To assist advisers [to] meet their CPD requirements in the current COVID-19 impacted CPD year, FASEA is consulting on its proposal to grant advisers an additional three months to meet the 40-hour CPD requirement. This three-month extension is a one-off recognition of the difficulties faced by advisers this year."

The draft amendment proposes that if a relevant provider’s CPD year includes 18 March 2020, the date the COVID-19 pandemic was declared, an additional three months to meet the 40-hour CPD requirement will be granted.

Advisers will be required to complete 40 hours of CPD in 12 months in future CPD years and may not double count hours across the years.

"FASEA understands that meeting CPD has been difficult given the business disruption caused by COVID-19 and is seeking to reduce advisers concern regarding meeting minimum requirements this CPD year. FASEA welcomes stakeholder feedback on this proposed relief," FASEA chief executive Stephen Glenfield said.

Feedback and submissions around the legislative instrument, which is available on the FASEA website, are due by 1 July.