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FASEA requires 70% of CPD to be approved by licensees – the solution is knowITcert
The Financial Adviser Standards and Ethics Authority (FASEA) has altered the CPD landscape for advisers and licensees tremendously. As part of this upheaval, licensees are now responsible for approving 70 per cent of each adviser’s CPD.
Many small to medium advice businesses don’t have the capacity, or the right team member, to perform this role in house. To help licensees meet their new obligation, knowITdigital is pleased to provide its Continuing Professional Development (CPD) approval program – knowITcert.
knowITcert applies a CPD review policy that helps Australian Financial Services (AFS) Licensees, and their advisers, to meet their FASEA obligations. knowIT’s rigorous approval process ensures FASEA-compliant checks are applied to each training module that receives knowITcert CPD hours. These include:
- Minimum qualifications and experience requirements for the authoring Subject Matter Expert(s) and Peer Reviewer.
- Minimum reputational and experience standards for the business providing the training.
- A clear framework outlining the level of the training.
- Stated learning outcome requirements and clear ties between the learning outcomes and module assessments.
- A clear methodology for determining the number of CPD hours applied to the module.
On top of these FASEA requirements, knowIT’s approval process also applies:
- A clear method of review and audit for each module,
- Minimum standards to those conducting peer reviews of the training module,
- Identification as to whether the training contains content relevant to the Tax Practitioner Board’s (TPB) Continuing Professional Education (CPE) policy for registered tax (financial) advisers,
- Clear identification of how each module benefits advisers and their businesses, and
- Clear identification of the features of each module.
One factor that sets knowITcert apart is the high level of education and experience knowIT requires of the authoring Subject Matter Expert (SME) and Peer Reviewer. Under knowIT’s CPD policy, at least one of these key contributors must hold a minimum of a bachelor’s degree-level qualification. What’s more, knowIT applies high industry experience thresholds for SMEs and Peer Reviewers, with the minimum requirement set at 10 years.
knowITcert provides licensees with peace of mind, knowing training that has received knowITcert approval meets all the FASEA requirements for licensee approval.