In an online update, FASEA announced that it has now registered the legislative instrument and explanatory memorandum for the professional year and the instrument that sets out what term will be used for “professional relevant provider”.
Once provisional financial advisers have passed their exam, which will typically be midway through their professional year, they can then be authorised by their licence, FASEA explained.
“The professional year will be the equivalent of one year’s full-time work and it will comprise 1,600 hours, of which 100 hours is to be structured training,” it said.
“A professional year plan will be required to develop the competencies in technical competence, client care and practice, regulatory compliance and consumer protection, professionalism and ethics.”
FASEA also announced that it has decided that provisional relevant providers will be referred to as professional financial advisers or provisional financial planners.
