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Industry body backs FASEA changes in response to COVID-19
An industry body has shown its support for moves from the Financial Adviser Standards and Ethics Authority to cancel its upcoming April exams as well as encourage licensees to be more lenient with advisers in fulfilling CPD requirements.
Last week, FASEA cancelled its April 2020 face-to-face exams amid the coronavirus outbreak.
In response, SMSF Association chief executive John Maroney told SMSF Adviser that he supports the decision by FASEA to substitute their April face-to-face exams with an online option.
“It is important FASEA understands and appreciates the unprecedented nature of the COVID-19 global pandemic and be flexible and agile to continue offering online options and allow for individuals to reschedule with ease,” Mr Maroney said.
FASEA also clarified its stance on CPD requirements, saying it understands that delivery of face-to-face CPD offerings may be difficult in the current climate, and encouraged licensees to “take a supportive approach to compliance in these extraordinary circumstances”.
Mr Maroney said it is positive that FASEA recognises the challenges presented by COVID-19.
“Licensee CPD policies are required to include potential relief provision to assist the needs of advisers affected by extenuating circumstances, and this is clearly one of those times,” he said.
“The association, along with many other CPD offers, [is] moving to create online content as soon as possible for advisers. As mentioned, it is important FASEA also remain flexible and agile as this situation unfolds.”
Adrian Flores
Adrian Flores is the deputy editor of SMSF Adviser. Before that, he was the features editor for ifa (Independent Financial Adviser), InvestorDaily, Risk Adviser, Fintech Business and Adviser Innovation.
You can email Adrian at [email protected].
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