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Transition instrument for Professional Standards

October 10, 2018

 

 

New changes to the financial advisor standards are expected to ‘simplify’ notification obligations and make the work of the conduct regulator easier.

 

Yesterday, the Australian Securities and Investments Commission (ASIC) said that the financial instrument makes changes to reporting dates for the transition to the new financial advisor professional standard. The changes also ensure that the that the training standards are consistent.

 

His amendment means that the earliest amendments 15 November 2019, and they will have 30 businesses days for this day to report.

 

This means that between the period of the January 2019 and 14 November licensees will not need to report to ASIC about:

 

•    Any provisional relevant providers they have authorised

•    Start date of their CPD year

•    Failure(s) by their relevant providers to comply with CPD requirements: and

•    Existing providers that have passed the exam

 

The Professional Standards Transitional instrument also makes for allowances for what the regulator defines as ‘minor technical issues’.

 

 For those who cannot access the transitional instrument because they have been the subject of enforcement action, must make sure that they meet the necessary professional standards before they are granted to a licencee and deliver ‘personal advice’.

 

The regulator that the changes do not affect the ‘substantive’ obligations for advisers and licencees.

 

“Advisers and licensees must still comply with the new substantive professionalism and education requirements and licensees must keep appropriate records for compliance purposes,” ASIC said.

 

More information about the professional standards transition here.

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