Three month CPD relief for advisers in recognition of COVID-19 business disruption

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FASEA encouraging webinar technology options as appropriate alternatives to face to face CPD offerings.

The Financial Adviser Standards and Ethics Authority (FASEA) has 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 extraordinary circumstances. Importantly, FASEA understands that completion of planned CPD offerings may be difficult.

To assist advisers, meet their CPD requirements in the current Covid-19 impacted CPD year, FASEA has resolved 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.

FASEA will consult on a legislative instrument amendment to give effect to this extension.

In recognition of the difficulty in attending face to face training due to Covid-19 restrictions, FASEA encourages advisers to utilise effective solutions being offered by Licensee CPD programs that contain online learning as part of a led or conducted CPD program. Video conferencing and/or webinar technology options are equally considered appropriate alternatives to face to face offerings.

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