The authority today released its legislative instrument around granting advisers an extra three months to meet the 40-hour CPD requirement for this financial year.
“FASEA recognises the challenges COVID-19 business disruption presents advisers and understands that completion of planned CPD offerings may be difficult,” the authority said.
“To assist advisers [to] meet their CPD requirements in the current COVID-19 impacted CPD year, FASEA is consulting on its proposal to grant advisers an additional three months to meet the 40-hour CPD requirement. This three-month extension is a one-off recognition of the difficulties faced by advisers this year.”
The draft amendment proposes that if a relevant provider’s CPD year includes 18 March 2020, the date the COVID-19 pandemic was declared, an additional three months to meet the 40-hour CPD requirement will be granted.
Advisers will be required to complete 40 hours of CPD in 12 months in future CPD years and may not double count hours across the years.
“FASEA understands that meeting CPD has been difficult given the business disruption caused by COVID-19 and is seeking to reduce advisers concern regarding meeting minimum requirements this CPD year. FASEA welcomes stakeholder feedback on this proposed relief,” FASEA chief executive Stephen Glenfield said.
Feedback and submissions around the legislative instrument, which is available on the FASEA website, are due by 1 July.
FarcEA its the 1st of July tomorrow and so too late. Or is it the 1st April???
Is this where they ask for consultation with Advisers, but then just go to ASIC and Choice and implement what they think is right?
Not even that, the licensees are running the show. FASEA are just a lap dog.
I should be a Lawyer. Only have to do 10 hours CPD. 40 hours is ridiculous, when 25 hours was more than sufficient. No doubt the FPA stitched us up on that as well.
I am becoming a lawyer too. not so many stupid non-sensical hassles to contend with daily, and 20 different masters and processes where most of your day is involved in the useless exercise of shuffling paper and not helping anyone and just a nuisance.
as a lawyer, you just send out a cost disclosure and say it’s gonna cost x, get the client’s acceptance and get to work.
easy course to pass, not hard plus only 10 hours of cpd in NSW so very easy to do. if you are really incompetent you can get a job at ASIC’s financial services division so there is a job for life, being a nuisance and wasting resources not bad
I think someone within FASEA is trying to send a message to Government that the organisation is in crisis and the minister needs to step in. There is no other logical explanation. They would have been better off offering no extension. Proposing an extension at the death-knell, which won’t even kick in until after the CPD deadline, does nothing for anyone, except to make FASEA look like incompetent fools.
The circus rolls on….!
a lot of people commenting here think that the regulators and those charged with governance have it in for advisers, or that they hold us in contempt. they don’t have contempt over us.
many of the measures recommended (by Hayne and many others before him) to the government are punitive in nature. i.e. they are meant to be a punishment. if you disagree, name one other occupation group who is regulated like advisers? yep, no, thought so.
what most of these people making the recommendations never thought about was who committed the crime ( it was committed by the big banks who have all but left the advice industry in tatters) leaving the small-time advisers the majority of whom have never done the wrong thing by their clients to pick up the pieces and wear most of the blame, and suffer the painful consequences.
this is what happens when the hand of government comes down on a sector and if they do not proactively seek to self regulate. look at the mortgage brokers, they scoff at us saying, “we do not want to be the disaster the financial planning industry is”.
those people who ruled over us, and continue still to some degree never understood that (or perhaps they did and did not care probably the latter). thank god, my time in the industry is coming to a close and I can exit soon.
I got out years ago thank goodness and the timing was perfect. Retirement is bliss!
I have my submission ready. Locked and loaded.
More proof of the utter contempt this mob have for advisers or are they just that incompetent?
So helpful
You read these things and realise that we are going to be controlled by an out of touch bureaucracy.
With the usual rush of client enquiries expected at the end of the Financial Year most of us would have met our CPD requirements last month. So the extension is “Too Little Too Late”
Wow. Stakeholders consultation is truely genuine. An entire 2 days…get real.
Is anyone actually relying on this?
Feedback and submissions due by 1 July. Really?
Exactly, July 1? That means it won’t go into law until after that so technically, due to their typical tardiness, adsvisers will be in breach and technically breaking the law for the period between July1 and when FARCE-IA gets it’s bum into gear. What else is new?!
Yep, and chance of them changing anything based on feed back and consultation is 0%.