Australian Securities and Investments Commission issues professional year guidance addressing documentation and record-keeping deficiencies

The Australian Securities and Investments Commission has issued guidance for professional year candidates, their supervisors and Australian financial services licensees. It clarifies the professional year standard and requirements for provisional relevant providers, with practical information on plans, tasks, documentation, record keeping and logbooks. A supporting snapshot outlines key milestones candidates must meet during the supervised work and training period. The guidance responds to issues identified in ASIC’s 2024 review of a sample of professional year programs. While licensees generally had systems and processes to monitor candidates’ progress, the review found deficiencies in documenting professional year plans and tasks and in maintaining logbooks.