FASEA is literally a law unto themselves. It’s standard of 40 hours of CPD per year is the law thanks to the Corporations Act 2001 which provides FASEA with legal powers. So for advisers – abide by it or get out of the industry. Simple.
Let’s look at the Good, Bad and Ugly of FASEAs CPD legal standards.
The Good – The financial services industry finally has independent legal standards that advisers and licensees must complete and abide by. The FASEA standards are a generational shift where advisers themselves and also licensees take control of their CPD. It means in the specialist SMSF advising space that I Love SMSF can provide FASEA CPD with or without association accreditation which results in a significant saving as FASEA does not charge fees for CPD.
The Bad – At 30 June 2019 there was a mad scramble as advisers hunted, pleaded and literally begged for FASEA CPD hours to meet their first transitional year from voluntary association CPD to legally required FASEA CPD. Now we are into a full year and 40 Hours must be completed across categories ranging from technical (5 hours), professionalism and ethics (9 hours), client care and practice (5 hours), consumer laws and the Corporations Act (5 hours) plus specialist content – in my field SMSF strategy expertise, for the remainder. As you can see a complete generational shift from what the associations require, but we are now into the thick of it. I am sure there will be a scramble in June 2020 but the smart advisers have their CPD year planned already.
The Ugly – If you don’t make the FASEA CPD grade then your licensee must notify ASIC (the office with the big stick) and you will be named and shamed on their website plus of course continuous infractions will lead to the end of an adviser’s career and business.
For any adviser or licensees seeking a comprehensive specialist SMSF CPD program with 30+ hours provided, across the legally required categories, I Love SMSF provides the most strategic, in-depth and real life case study CPD for the lowest possible costs. For one person operations it is only $490 per annum (less than the cost of a 6 hour technical session with an Association) and for a firm wide solution I Love SMSF offers an all-in for $295 per month or $2,950 for the year. If you are in between with two advisers and support staff we have bespoke solutions.
Now wouldn’t you like to breathe a sigh of relief knowing that all your CPD needs are met at the start of the CPD year rather then facing a mad scramble or ASIC on 30 June 2020. Register now at www.Ilovesmsf.com or contact us at firstname.lastname@example.org for a tailored proposal.