ASIC has published new guidance for professional year candidates, their supervisors, and Australian financial services (AFS) licensees.
Information Sheet 297 FAQs: Professional Year (INFO 297) provides answers to common questions, including information about documentation, record keeping, plans, tasks and logbooks.
ASIC has also provided candidates with a snapshot of some key milestones that must be met during the professional year.
ASIC developed the guidance to address issues identified in its 2024 review of a sample of professional year programs.
While the review found that AFS licensees generally had compliance systems and processes in place to ensure that individuals progressed through the professional year, ASIC identified some deficiencies in documentation and record keeping, including in documenting professional year plans and tasks, and maintaining logbooks.
The professional year is a supervised work and training period that forms part of the professional standards framework for relevant providers. The professional year standard is determined by the Minister and set out in the Corporations (Work and Training Professional Year Standard) Determination 2018. The phased approach during the professional year is intended to support the transition to providing personal advice to retail clients as a fully qualified relevant provider.
Together, INFO 297and the supporting snapshot provides guidance on the professional year standard and the requirements relating to provisional relevant providers in the Corporations Act 2001, as well as practical information on the year of work and training.
For more information on the professional standards, including the professional year, see:
Download
- Information Sheet 297 FAQs: Professional Year (INFO 297)
- Professional year webpage
