FASEA reports slow progress on professional year

As part of an upcoming feature in ifa’s print edition, the standards authority revealed that “over 150” provisional advisers were now enrolled in professional year (PY) programs, as licensees began to bed down the requirements of the supervisory framework.

“FASEA is encouraged by the number of enquiries it is fielding from potential new entrants and licensees with regard to the operation of the PY, with 455 enquiries received over the past 12 months,” a spokesperson for the authority said.

FASEA pointed to the more than 900 “potential new entrants” enrolled in approved degree courses that could indicate an increase in future enrolments in the PY.

The spokesperson added that licensees had been actively engaging with FASEA to “help them support advisers through the professional year process”.

However, advice groups were still struggling to come to grips with a number of requirements around starting up a PY program, including supervisor responsibilities and the timing of different training components.

“The questions from licensees are primarily regarding registering a new entrant and/or requesting clarification of key components of the professional year,” FASEA said.

“The most frequently asked questions we are receiving focus on how to accelerate quarters one and two [of the program], structured training, client notifications and supervisor requirements.”

The authority said it would continue to provide support as needed to licensees while they worked through the requirements for supervising professional year students.

“FASEA works with licensees to provide support on any questions or queries they may have. As licensees operationalise the standard, FASEA will continue to assist where possible,” the spokesperson said.