FASEA formalises CPD relief
The Financial Adviser Standards and Ethics Authority (FASEA) has formalised the legislative instrument that will provide three-month continuing professional development (CPD) relief for advisers due to the COVID-19 pandemic.
FASEA had registered the 2020 Legislative Instrument and Explanatory Statement for its Corporations (Relevant Providers Continuing Professional Development Standard) Determination (Amendment) 2020 on the Federal Register of Legislation.
The instrument, which was announced last month, would provide relief to advisers whose ability to complete CPD requirements had been impacted by COVID-19.
Advisers were granted an additional three months to meet the 40-hour CPD requirement as a one-off recognition, but would still be required to complete 40 hours of CPD in 12 months in future years and could not double-count hours across the years.
AUTHOR
Chris Dastoor
Recommended for you
ASIC has released the results of its first adviser exam to be held in 2025, with 241 candidates attempting the test.
Quarterly Wealth Data analysis has uncovered positive improvements in financial adviser numbers compared with losses in the prior corresponding period.
Holding portfolios that are too complex or personalised can be a detractor for acquirers of financial advice firms as they require too much effort to maintain post-acquisition.
As the financial advice profession continues to wait on further DBFO legislation, industry commentators have encouraged advisers to act now in driving practice efficiency.
