On Friday 16 November 2018, the Financial Adviser Standards and Ethics Authority (FASEA) began to release the much-anticipated final draft standards to give effect to the new Adviser Professional Standards Framework.
The draft legislative instruments that have been released to date are:
|Draft legislative instrument||Consultation window|
|Professional Year: Work and Training Requirement||16 November 2018 to 30 November 2018|
|Provisional Relevant Provider Term||16 November 2018 to 30 November 2018|
|Education Pathways: Relevant Providers Degrees, Qualifications and Courses Standard||20 November 2018 to 14 December 2018|
|Code of Ethics||21 November 2018 to 14 December 2018|
FASEA has also released a Standards Blueprint which summarises the revised standards framework following stakeholder consultation on initial draft guidance released earlier this year.
The Blueprint includes a timetable for release of the draft legislative instruments, including those which are yet to be released:
|Draft legislative instrument||Release timeframe|
|Continuing Professional Development||Week commencing 19 November 2018|
|Foreign qualifications||Week commencing 26 November 2018|
|Exam||Week commencing 3 December 2018|
We’ll provide further information on the content of the draft legislative instruments in an upcoming article shortly.
FASEA, Professional Year: Work and Training Requirement, 16 November 2018
FASEA, Provisional Relevant Provider Term, 16 November 2018
FASEA, Education Pathways: Relevant Providers Degrees, Qualifications and Courses Standard, 20 November 2018
FASEA, Code of Ethics, 21 November 2018