Three-Month CPD Relief for Advisers – FASEA


Advisers will have an additional three months to meet the 40-hour CPD requirement in recognition of Covid-19 business disruption, FASEA has announced.

Following inquiries and requests for relief, a statement from FASEA says that to assist advisers to meet their CPD requirements in the current Covid-19 impacted CPD year, it has resolved to grant advisers an additional three months to meet the 40-hour CPD requirement.

The authority says it recognises the challenges presented by the current extraordinary circumstances and that, importantly, it understands that completion of planned CPD offerings may be difficult.

“This three-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 statement says.

It adds that 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 programmes that contain online learning as part of a led or conducted CPD programme.

It says video conferencing and/or webinar technology options are equally considered appropriate alternatives to face-to-face offerings.

AFA Welcomes Extension

The AFA has welcomed FASEA’s announcement on its three-month extension to the CPD deadline.

In a statement to members the association says this gives advisers more time, given the challenges of the current pandemic environment, to achieve their CPD targets.

It says that this is important and reminds members that advisers who miss their CPD targets must be reported to ASIC and will have the breach noted on their Financial Adviser Register record.