The Financial Adviser Standards and Ethics Authority (FASEA) has begun consulting on its recent proposal to provide advisers with an additional three months to meet their continuing professional development (CPD) requirement.
Following the authority’s decision to add three months to the period in which financial advisers need to complete 40 hours of CPD as part of a one-off extension recognising the impact of COVID-19, FASEA announced it had released Corporations (Relevant Providers Continuing Professional Development Standard) Determination (Amendment) 2020 for consultation.
FASEA chief executive Stephen Glenfield said: “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.”
The draft amendment allows an additional three months to meet the 40-hour CPD requirement to be granted if a relevant provider’s CPD year includes 18 March 2020, the date of commencement of the Biosecurity (Human Biosecurity Emergency) (Human Coronavirus with Pandemic Potential) Declaration 2020.
“This three-month extension is a one-off recognition of the difficulties faced by advisers this year. 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 added.
Earlier this month, the authority recognised further historical coursework as aligned with its education standards.