The Financial Adviser Standards and Ethics Authority (FASEA) has determined financial advisers undertaking work and training requirements as part of their professional year will be known as “provisional financial planners” or “provisional financial advisers”.
In its final legislative instrument for the professional year standard for advisers endeavouring to meet the new education and professional standards, FASEA said advisers can use the terms once they have passed their exam, which will typically be midway through their professional year following which they can be authorised by their licensee.
The professional year will be the equivalent of one year’s full-time work and it will comprise 1600 hours, of which 100 hours is to be structured training.
If the aspiring adviser undertakes the work on a part-time basis, they must increase the period to the time necessary to complete the required work activities and structured training.
According to the standards, a professional year plan should develop four areas of competencies: technical competence, client care and practice, regulatory compliance and consumer protection, and professionalism and ethics.
FASEA has registered the legislative instrument and explanatory statement for its work and training (professional year) standard on the Federal Register of Legislation.
The determination was informed through consultation with stakeholders in July and August 2018 and through 13 formal submissions during FASEA’s consultation process in November 2018.
FASEA chief executive Stephen Glenfield said: “We thank stakeholders for their input during the consultation process for FASEA’s work and training determination.”