FASEA Continuing Professional Development (CPD) Standards
The Legislative Instrument was informed through consultation with stakeholders in July and August 2018 and through 24 formal submissions during FASEA’s consultation process in November 2018.
Advisers are required to complete 40 hours of CPD each year of which 70% will need to be approved by the licensee (including a maximum 4 hours of professional reading). Part timers with licensees’ prior written consent are entitled to a 10% reduction to 36 hours. The minimum hours for CPD categories are:
- Technical – 5 hours
- Client Care and Practice – 5 hours
- Regulatory Compliance and Consumer Protection – 5 hours and
- Professionalism and Ethics – 9 hours
- The balance up to 40 hours will consist of qualifying CPD for example, technical competence or industry specialisation
Licensees will have a transition period to 31 March 2019 for documentation of CPD Polices and Plans and will be able to maintain CPD records on behalf of their advisers.
To access the Legislative Instrument and Explanatory Statement, please follow this link: Continuing Professional Development Standard Determination