In a statement, the authority said it had registered the legislative instrument and explanatory statement for its Corporations (Relevant Providers Continuing Professional Development Standard) Determination (Amendment) 2020 on the federal register of legislation.
“This instrument provides relief to advisers whose ability to complete CPD requirements has been impacted by COVID-19,” FASEA said.
“Advisers have been granted an additional three months to meet the 40-hour CPD requirement as a one-off recognition of difficulties faced this year.”
The authority said advisers would be required to complete 40 hours of CPD in 12 months in future years and would not be able to double count hours across the years.
FASEA added that it had received “several formal submissions” around the issue in its two-day consultation process on CPD relief last month.
One positive thing I’ll say about FASEA – they begin with an ‘F’ and end with an ‘A’.
Fairly soon the govt will need to decide who/what will be the new financial adviser disciplinary body. Structurally it makes sense for FASEA to assume this role. However FASEA has proven time and again they are riddled with incompetence and bias. FASEA should not be given any more responsibilities or powers.
A totally new body should established with competent people who are free of conflict and bias. (ie no course providers, or political activists like Choice or CALC, or the adviser hating Glenfield). It should be subject to regular parliamentary oversight rather than given free rein to make up their own regulations the way FASEA has. Once established, all the existing functions of FASEA should be transferred to the new body, with all existing FASEA management and board members dismissed.
After seeing your comment got 2 dislikes i can now take comfort in the fact that 2 FARCEA emloyees read these comments
If you need any further proof, look at the comment from the fake adviser ‘Jimmy’ below.
Which bit in my comment was false, “actual adviser” ??
If this isn’t absolute proof of a poorly designed regulatory body I don’t know what is.
A body designed to regulate planners that fails to plan.
Disband and defund them now!
To see exactly how useful this extension is I would like a report on how many advisers need to make use of it.
Those advisers should be the ones who are driven out of the industry
If your comment isnt absolute proof that many planners fail to plan themselves, than I dont know what is.
Planners that fail to plan…
If you didnt have your CPD covered by the deadline, than it reflects poorly on your planning & time management skills.
Similarly for all those who have been whinging about the exam. If you havent had it scheduled in by now, what have you been waiting for? It’s only a business critical event. But hey, lets pin our hopes on idiot politicians agreeing to throw us a bone…
FASEA…. as useful as an ashtray on a motor bike.
Hardly beneficial as majority of advisers would have had CPD up to date by 30 June. Where were these clowns when the FASEA exam extension had not passed and majority of advisers had still not sat exam due to Covid-19. The sooner this joke of a ‘standards’ body is disbanded the better.
An extension for advisers more than 2 weeks after the deadline!! Wow that will be useful. This is almost as pathetic as the so-called ‘consultation’ with advisers regarding the Code of Ethics, which was smoke and mirrors. Glenfield and the board need to be sacked immediately. They are a rabble and have zero support from the adviser community.
It is another grand performance by FASEA, one in which they themselves missed the deadline for giving extensions to those who missed the deadline. Grand job with a day or two consultation. I FASEA staff are not in the office much and were planning to get back to holidays asap.
Well I, and other advisers I know, support the work of FASEA, so your statement is just wrong from the get go. Most people on here complaining about FASEA and a lack of planning have failed to do any planning of their own. Advisers have been able to do the exam for over a year now, yet plenty havent and have conveniently used the pandemic as an excuse to cover their own shortcomings. If passing the exam was key to you staying in business, then wouldnt any smart person prioritise that? It’s unfortunate that the govt passed the extension in my opinion.
29th June announcement to advisers was sure to help good timing fasea what a joke. Most advisers would have been compliant i am sure.
More bullshit
Is this a sign that FASEA have actually listened and acted !
No
Ha ha, well this is exactly what it was designed to do. Make fools who know nothing about financial advice think FASEA have listened and acted, while in reality offering nothing of any substance for advisers. This measure is so bizarre, it makes me wonder if FASEA has now moved onto a new phase where they are deliberately taunting us.