Education, Financial Planning

FASEA confirms relevant provider terms

The Financial Adviser Standards and Ethics Authority (FASEA) has determined the final expressions to be used for a provisional relevant provider are “provisional financial adviser” or “provisional financial planner”, which can be used interchangeably.

The standards body has registered the final legislative instrument and explanatory statement for the provisional relevant providers expressions determination 2018.

FASEA chief executive Stephen Glenfield said: “We thank stakeholders for their input during the consultation process for FASEA’s provisional relevant provider expressions determination.”

The new rules stipulate a provisional relevant provider is prohibited from using the terms “financial adviser” or “financial planner” and certain other expressions under section 923C of the Corporations Act, which stipulates restrictions on the use of the terms.

“Under subsection 923C (9), however, these expressions may be assumed or used by a provisional relevant provider in an expression specified in this section of this determination,” the determination said.

The professional relevant provider expressions instrument was informed through consultation with stakeholders in July and August 2018 and through seven formal submissions received during the consultation process in November.

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