Professional standards timeframe shakeup

Alex Burke,  Senior Writer,  No More Practice Education

In August, we covered two key changes to ASIC's adviser professional standards reforms - now, the regulator has relaxed certain requirements further so as to "simplify licensees’ disclosure obligations and enable ASIC to implement the required IT systems changes more effectively."

As per the headline requirements for the reforms, all "relevant providers" - that is, individuals who provide personal advice to retail clients on more complex financial products" must have a bachelor or higher degree or equivalent qualification approved by FASEA. They must also pass a FASEA-approved exam and, unless they're recognised as existing providers, complete a year of work and training.

Furthermore, licensees are required to notify the regulator of provisional relevant providers, licensees' CPD year and "any failures by relevant providers to comply with their CPD requirements, relevant providers who have met the exam requirement and the principal place of business and compliance scheme membership of their relevant

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