FASEA Consultation on three month Continuing Professional Development relief


Stephen Glenfield

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 planned Continuing Professional Development (CPD) offerings may be difficult.

To assist advisers, meet their CPD requirements in the current Covid-19 impacted CPD year, FASEA is consulting on its proposal to grant advisers an additional 3 months to meet the 40-hour CPD requirement. This 3-month extension is a one-off recognition of the difficulties faced by advisers this year. Advisers will be required to complete 40 hours of CPD in 12 months in future CPD years and may not double count hours across the years.

The draft amendment proposes if a relevant provider’s CPD year includes 18 March 2020 (the date of commencement of the Biosecurity (Human Biosecurity Emergency) (Human Coronavirus with Pandemic Potential) Declaration 2020)  an additional 3 months to meet the 40 hour  CPD requirement will be granted.

“FASEA understands that meeting CPD has been difficult given the business disruption caused by COVID-19 and is seeking to reduce advisers concern regarding meeting minimum requirements this CPD year. FASEA welcomes stakeholder feedback on this proposed relief,” FASEA Chief Executive Stephen Glenfield said.

The legislative instrument and explanatory statement can be viewed here.

All feedback and submissions on the Legislative Instrument can be submitted through FASEA’s dedicated consultations email [email protected] by 1 July 2020.

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