FASEA just eased up on the advice community

Alex Burke,  Senior Writer,  No More Practice Education

Last Friday, FASEA rolled out multiple changes to its professional standards regime and clarified a few others.

FASEA chief executive Stephen Glenfield explained that the changes have come about following extensive stakeholder feedback - around 800 submissions were received.

"The detailed consultation input was valuable to FASEA in creating standards which address industry and consumer needs while at the same time balancing FASEA’s legislative obligations,” he explained/

"The detailed consultation input was valuable to FASEA in creating standards which address industry and consumer needs while at the same time balancing FASEA’s legislative obligations."

Let's go through the key changes:

CPD hours have been reduced

In what will likely come as a relief to many advisers, the total number of CPD hours has been reduced from 50 to 40 each year. 70% of the 40 hours will need to be approved by the adviser's licensee, and there are also a minimum number of hours for particular categories.

These

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Michael Holmes cfp

20/11/18

The advisers with the most experience and have completed all prior learning have still been forgotten. I have completed by CFP pre date line, my FChFP pre date line both ignored, then have consistently completed 70 to 90 hours of yearly education, I’m 52, have lost 18 months of possible study time and are been told to go and obtain your degree or your out on your ear. Can the industry loose this experience, I know the clients can’t

Saddened Adviser

20/11/18

Hey Alex. Anyone who thinks Fasea eased up on advisers must've forgotten to take their delusion medication. These Faseans blatantly ignore the parameters they were established under and have acted like militant unions in making staggering ambit claims and then softening those claims to make others think they've been reasonable. What a load of crock! Imagine what would occur if the AMA said all "older" doctors need to requalify and re-do their old degrees just because of a bad doctor = Dr. Death in Qld. The legal and accounting professions have ex-members in gaol too. Should all of them re-sit all their old exams too? Clearly, it's ridiculous. Everyone but the bad advisers wants to be rid of them. But forcing out good people via arbitary dates or decisions is just as ridiculous. You should be aware that the old "degrees" were earned mostly by people who sought and practised professionalism and ethics long before it became popular. Yet these people will be punished under the Fasea regime. Why is an "old" qualification plus experience valued so poorly vs a new "degree"? As you know, advisers must disclose any conflicts, but fascinatingly Fasea board members who are senior members of education providers don't think they have a conflict, even though they may well be enrichened from the Fasea decisions. I wonder how the new ASIC would rationalise that? If common sense doesn't prevail, perhaps half the industry's experience will be lost and then your taxes will rise to pay all those extra folk on welfare because Fasea effectively put them there. It won't happen overnight, but it will happen if old qualifications are made worthless and people are forced out. Put a diary note in your calendar for 10 years to check on how it's going.

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04 September, 2018

Alex Burke,Senior Writer,No More Practice Education

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