As the FASEA regime kicks into gear this year, it’s worth going over some of the clarifications that were made around Christmas and in the new year.
When last we checked up on FASEA, we noted that it likely wouldn’t be too long before we'd see what the definitions for relevant providers’ degrees, qualifications and courses would look like when signed into law.
Furthermore, notices were sent to advice industry associations instructing them how to have the course content for their professional designations approved by FASEA. The standards authority said it was important that all associations with professional designations submit their course content "as soon as practicable" to make sure advisers with a relevant designation are eligible for up to two units credit in their study.
Here’s what we know now:
Clarifying CPD requirements
As discussed before, advisers will need to undertake 40 hours of CPD per year, 70% of which must be approved by
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Six associations have joined forces in a professional standards partnership.
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19 February, 2019
Here’s how the regulator will pursue harsher penalties for misconduct.