FASEA registers CPD relief instrument

FASEA has formally registered a legislative instrument to grant three months’ CPD relief to advisers in recognition of the disruption caused by COVID-19.

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.

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FASEA registers CPD relief instrument
CPD relief instrument
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