Advisers will also need to provide records of their CPD activities to their licensee in order for the licensee to meet their compliance obligations, the guidance stated.

FASEA has proposed minimum amount of CPD hours for each type of skill or competency.

It has proposed a minimum of 10 hours for professionalism and ethics, 10 hours for regulatory compliance and consumer protection, 5 hours for client care and practice, five hours for technical competence and the remaining 20 hours to be selected by the adviser or their licensee.

The guidance suggested that CPD could include both formal education and non-formal education.

Formal education it stated could include study to meet legislative requirements such as bridging courses and approved degree studies, and any formal study towards other qualifications and designations relevant to the practice of the adviser, to a maximum of 25 CPD hours per year.

Non-formal education it said could include education for the purposes of achieving a relevant professional designation or meeting requirements in specific financial advice provisions including stock broking, SMSFs or aged care.

It could also include education for the purposes of accreditation in specific forms of financial products relevant to licensing arrangements.

Other CPD could also include sessions or workshops at conferences, PD days and update sessions. Professional or technical reading could also contribute up to a maximum of 7.5 hours if approved by the licensee as relevant to advice provision.

FASEA has also released draft guidance on the education pathways for new and existing financial advisers with foreign qualifications.

Both new and existing advisers will need to obtain an assessment from the National Office of Overseas Skills Recognition (NOOSR), which will compare their foreign qualification to an Australian qualification using the Australian Qualifications Framework, FASEA said.

“New advisers with NOOSR-approved degrees will be required to complete an approved postgraduate course to meet the new standards and will be entitled to recognition for prior learning,” the draft guidance said.

“Existing advisers with NOOSR-approved degrees will need to apply to the Standards Authority for an additional assessment of whether the degree is a relevant qualification.”

The full guidance can be accessed on the FASEA website here.