Date posted: 15/03/2019 3 min read

FASEA is now the law – do you know what this means for you?

FASEA – what CAs need to know right now

In brief

  • CA ANZ has applied to FASEA to have the CA Program recognised as a professional designation. If successful, CAs will be required to do only one bridging subject
  • CPD policy & CPD plans: March 31 deadline is approaching
  • Exam preparation materials are coming soon

The first of FASEA's reforms came into effect on 1 January, 2019. In this article we examine what these mean for CAs and what you need to do now

Possible study concessions for CAs for FASEA are in process

At the invitation of FASEA, Chartered Accountants ANZ has applied to FASEA to have the CA Program recognised as a professional designation. We are currently waiting on the outcome of this application which, if successful, will mean that CAs who were registered on the Financial Advisers Register (FAR) between 1 January 2016 and 31 December 2019 will only need to complete one bridging course – that being The FASEA Code of Ethics and Code Monitoring Bodies.

It is our recommendation that members do not enrol in any courses until the outcome of this application is known. We will also look for options for members to complete any requisite study.

CPD policy & CPD plans: March 31 deadline is approaching

Members who are existing advisers are reminded that, under FASEA's CPD requirements which came into effect on 1 January 2019, CPD policy and relevant provider CPD plans must be in place by March 31.  Note - If you do not have a CPD policy published on your website or a CPD plan in place by 31 March, you will be in breach of FASEA's requirements.

Licensees must develop, adopt and maintain a written CPD policy and publish this on their website by 31 March. They are also required to approve CPD activities for at least 70% of CPD.

Individuals ('relevant providers') must prepare a CPD plan in writing which identifies areas for improvement in, and development and extension of their competence, knowledge and skills. This should be included in the plan and it should also describe the qualifying CPD activities the provider will complete during the CPD year to achieve those improvements.

Chartered Accountants ANZ is looking at ways its CPD requirements and offerings can be aligned with FASEA's to streamline the amount of CPD affected members must complete.

Exam preparation materials coming soon

Existing advisers who wish to remain in personal financial advice are required to complete the FASEA exam by 1 January 2021. FASEA will soon be publishing some sample exam materials and Chartered Accountants ANZ will work to provide resources to assist members with tutoring and exam preparation.

Foreign qualifications assessment

By law, FASEA is required to assess and approve all foreign qualifications. To enable them to do this, individuals will need to complete the FASEA Foreign Qualification Assessment Application Form and submit together with a certified copy of the foreign qualification and a copy of the assessment from a DET approved body (of which Chartered Accountants ANZ is one). We expect the application form to be published to FASEA's website in the near future and are currently working on how to assist members with their assessment.

FASEA's Professional Year

Chartered Accountants ANZ is currently looking at options at how it can support members who wish to enter financial advice meet FASEA's prescribed Professional Year requirements. We are also examining options for members who will act as mentors.

Questions

If you have any queries in relation to the above or need assistance with the CPD deadline, please email the Financial Advice Team.

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