FASEA releases final instrument for professional year
The Financial Adviser Standards and Ethics Authority has now registered the legislative instrument for professional year requirement, which sets out the work and training that advisers must undertake.
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.
Miranda Brownlee
Miranda Brownlee is the deputy editor of SMSF Adviser, which is the leading source of news, strategy and educational content for professionals working in the SMSF sector.
Since joining the team in 2014, Miranda has been responsible for breaking some of the biggest superannuation stories in Australia, and has reported extensively on technical strategy and legislative updates.
Miranda also has broad business and financial services reporting experience, having written for titles including Investor Daily, ifa and Accountants Daily.
