Date posted: 3/07/2020

FASEA - updates for Financial Advisers

Find out the latest updates and advocacy with FASEA.

In brief

  • Compliance with FASEA’s Code of Ethics is required by law from 1 January 2020
  • Latest media releases from FASEA

FASEA extends CPD deadline

Due to Covid-19, FASEA has announced a three month extension to the deadline to complete your CPD. Note that the extension applies to your AFSL’s CPD year, not necessarily an extension from 30 June to 30 September. Details of the relevant CPD year should be documented in the AFSL’s CPD policy. Read article on How to satisfy FASEA's CPD requirements.

Q&As to keep up to date on advice issues

A list of Q&As to help you keep up to date on industry news and regulatory information about important developments and actions required in areas including regulatory reform in licensing (including the accountants’ exemption/limited licensing), FASEA, issues arising from the Banking Royal Commission as well as other areas in which we advocate. 

Read Q&As

Latest FASEA announcements

  • FASEA Opening Statement – House of Representatives Standing Committee on Economics - Latest media release FASEA appeared at the House of Representatives Standing Committee on Economics on the 30 June 2020.  FASEA's opening statement can be found here.The Financial Adviser Standards and Ethics Authority Limited was established in 2017 to set the education,...Read more (2 July 2020)
  • FASEA Consultation – three month Continuing Professional Development relief - FASEA has released Corporations (Relevant Providers Continuing Professional Development Standard) Determination (Amendment) 2020 for consultation. FASEA recognises the challenges Covid-19 business disruption presents advisers and understands that completion of...Read more (29 June 2020)
  • Three month CPD relief for advisers in recognition of COVID-19 business disruption - FASEAhas received enquiries and requests for relief relating to compliance with CPD requirements due to COVID-19 business disruption. FASEA recognises the challenges presented by the current...Read more (25 June 2020)
  • CA ANZ to assist post FASEA COVID-19 announcements - FASEA recently announced that ongoing face to face CPD and the compulsory exam in April have been cancelled.CA ANZ understands both areas of the new FASEA laws are causing member concern. We are working with Cram 4 Exam to provide their exam workshops online which double-up for CPD. We are also looking into options for CPD including additional FASEA 'professionalism and ethics' training which has been requested by many members. Media Release : Guidance on CPD compliance arising from COVID-19 business disruption (19 March 2020).
  • Adviser Exam Sittings: FASEA to cancel face to face April Exam and substitute with remote online options (18 March 2020)
  • April 2020 Exam – ACER Advice on Coronavirus COVID-19 (13 March 2020)

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.

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