Date posted: 30/03/2020

FASEA - updates for Financial Advisers

Find out the latest updates and advocacy with FASEA.

In brief

  • Latest advocacy
  • Knowledge Sharing sessions going ahead
  • Compliance with FASEA’s Code of Ethics is required by law from 1 January 2020
  • Latest media releases from FASEA

Advocacy activities

Advocacy in the CA ANZ Financial Advisory Services area included:

  • Lodging a submission on APES 230
  • Liaising with FASEA to enable compulsory exam to be online
  • Attended ASIC's joint accounting bodies meeting with the CPAs
  • CA ANZ hosted a COVID-19 meeting with other member associations to ascertain new areas requiring advocacy
  • Attended a member association meeting to further our strategic advice project
  • We have prepared short videos for the 'Future of Advice' project as well as our upcoming Sharing Knowledge sessions
  • In discussions with FASEA to consider enabling the compulsory exam to be online.

Latest FASEA accouncements

The new requirements commenced on 1 January 2019.

  • New Entrants are required to hold an Approved Degree before they commence their Work and Training (Professional Year) requirement. They must be mid way through their Professional Year before they are eligible to sit the Financial Adviser exam and commence using the term Provisional Financial Adviser or Provisional Financial Planner.
  • The annual requirement for 40 hours Continuous Professional Development commenced on 1 January 2019. Provisional Financial Advisers will be required to undertake CPD after completion of their Professional Year.
  • Existing Advisers have until 1 January 2021, to pass the Financial Adviser Exam and until 1 January 2024, to reach an education standard equivalent to an Approved Degree.
  • The Code of Ethics will commence on 1 January 2020, with all Financial Advisers required to adhere to the Code from that day onwards.

Sharing Knowledge sessions to continue online

The “A strategic advice registration – why it’s an ideal model for the future” presentations will now be delivered in the form of interactive online sessions. In this presentation, we will look at:

  • Remaining FASEA requirements post COVID-19 ramifications
  • Developments with the limited licensing regime and a strategic advice model
  • Major issues emanating from the draft Royal Commission legislation.

Dates across the regions are as follows:

  • Melbourne: 15 April 
  • Hobart: 16 April 
  • Adelaide: 20 April 
  • Canberra: 28 April   
  • Sydney: 29 April

Contact us

Members are invited to provide feedback on professionalising the financial advice industry and improving consumer outcomes.

Contact the Financial Services team

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Join the discussion and stay up to date with what you need to know and what action you need to take on the FASEA developments.

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