What are the new professional standards? The introduction of a range of education and ethical standards will require new and existing advisers giving financial advice on Tier 1 financial products (excludes general insurance, deposit products and personal sickness and accident) to retail clients to meet new requirements, including: Importantly, the standards relate to Tier 1 financial product personal advice. Tier 2 financial products and those giving general advice only on Tier 1 products are not covered by the new standards. Who is FAS (Treasury)? Treasury has been tasked with governing the conduct of professionals in the financial advice sector by establishing mandatory educational and training requirements, developing and setting an industry exam, as well as the formation of a code of ethics that all advisers will be required to adhere to. From 1 January 2022, the standard-setting function of FASEA moved to the responsible Minister and Treasury, and ASIC is responsible for administering the financial adviser exam. Want to discuss your options? Click here to book a call Frequently asked questions (FAQ) What are the education requirements? Categories of advisers Who is an existing adviser? Who is a career changer? Who is a new entrant? About Australian Qualifications Framework (AQF) level What is an Australian Qualifications Framework (AQF) level? What do the Australian Qualifications Framework (AQF) levels mean? What are the CPD requirements? FAS Financial Adviser Examination How does the current education requirement, RG 146, apply during the transition? Learn more about our financial planning qualifications
What are the CPD requirements? The mandated CPD requirements came into effect on 1 January 2019. Financial advisers are required to complete 40 hours of ‘qualifying CPD activities’ in each CPD year with a minimum requirement in the following areas: Technical Competence – 5 hours Client Care and Practice – 5 hours Regulatory Compliance and Consumer Protection – 5 hours Professionalism and Ethics – 9 hours General – no set minimum Kaplan Professional is the leading provider in the provision of industry CPD. Our flagship online platform Ontrack provides organisations and individuals with the content, tracking, reporting and consultancy they need to manage and meet their CPD obligations.
What are the new professional standards? The introduction of a range of education and ethical standards will require new and existing advisers giving financial advice on Tier 1 financial products (excludes general insurance, deposit products and personal sickness and accident) to retail clients to meet new requirements, including: Importantly, the standards relate to Tier 1 financial product personal advice. Tier 2 financial products and those giving general advice only on Tier 1 products are not covered by the new standards. Who is FAS (Treasury)? Treasury has been tasked with governing the conduct of professionals in the financial advice sector by establishing mandatory educational and training requirements, developing and setting an industry exam, as well as the formation of a code of ethics that all advisers will be required to adhere to. From 1 January 2022, the standard-setting function of FASEA moved to the responsible Minister and Treasury, and ASIC is responsible for administering the financial adviser exam. Want to discuss your options? Click here to book a call Frequently asked questions (FAQ) What are the education requirements? Categories of advisers Who is an existing adviser? Who is a career changer? Who is a new entrant? About Australian Qualifications Framework (AQF) level What is an Australian Qualifications Framework (AQF) level? What do the Australian Qualifications Framework (AQF) levels mean? What are the CPD requirements? FAS Financial Adviser Examination How does the current education requirement, RG 146, apply during the transition? Learn more about our financial planning qualifications
What are the CPD requirements? The mandated CPD requirements came into effect on 1 January 2019. Financial advisers are required to complete 40 hours of ‘qualifying CPD activities’ in each CPD year with a minimum requirement in the following areas: Technical Competence – 5 hours Client Care and Practice – 5 hours Regulatory Compliance and Consumer Protection – 5 hours Professionalism and Ethics – 9 hours General – no set minimum Kaplan Professional is the leading provider in the provision of industry CPD. Our flagship online platform Ontrack provides organisations and individuals with the content, tracking, reporting and consultancy they need to manage and meet their CPD obligations.
