If the TPB’s latest exposure draft is given the all clear, financial advisers will be required to complete 60 hours of continuing professional education.
The Tax Practitioners Board (TPB) released the exposure draft last week and is calling for comments and submissions to be lodged over the next month.
The draft proposes that financial advisers be required to complete at least 60 hours of continuing professional education (CPE) over a three year period, with no less than six hours being carried out in any given year.
The TPB considers that this is an important way for registered tax (financial) advisers to maintain and build upon their primary qualifications that were used to gain the initial registration under TASA, which will be implemented from 1 July 2014.
In the draft, the board statesthat it is imperative that advisers’ knowledge and skills continue to adapt and improve as the law, society, and their individual practice changes.
If passed into legislation, this would mean that it would be a requirement for all individual registered advisers to have completed CPE that meets the TPB’s requirements upon renewal of registration.
The CPE period will begin on the date the adviser is registered, and end the day it expires, which is generally every three years. If the adviser’s registration period is different from the normal three years, the TPB said the adviser should complete CPE on a pro-rata basis.