Editor’s Note: CPD Training Requirements have been updated. Please find the latest information on this topic in our recent blog article.
As the calendar year draws to a close, for many the deadline for meeting annual continuing professional development (CPD) training requirements is also fast approaching. Even if your CPD year ends at another point in the year, in between Christmas parties and celebrations, it’s important to make sure you keep up your training so that when you get back in 2017 your momentum isn’t hampered by a pile of CPD to complete.
Those that need to ensure that they meet their CPD requirements each training year include:
• Australian Financial Services Licence (AFSL) Responsible Managers;
• Australian Credit Licence (ACL) Responsible Managers;
• financial advisers and planners; and
• credit representatives.
The Australian Securities and Investments Commission (ASIC) requires Responsible Managers and representatives on an ACL to complete a minimum of 20 hours of relevant CPD each year.
Although ASIC does not specify a minimum number of relevant CPD hours for Responsible Managers and advisers on an AFSL, 20 hours is generally accepted as the industry standard. Responsible Managers, directors, advisers and other employees should consult their training plans (or Compliance Officer) and ensure they are recording details of all CPD hours completed including:
• training type
• training area (e.g. compliance, securities, general economic)
• name of the training provider.
Completing the CPD requirement each year is a simple way for AFSL and ACL holders to ensure they are maintaining their organisational competence to provide financial services or engage in credit activities. Because of the number of hours required to meet the requirements, Responsible Managers and retail advisers should ensure they are completing CPD hours throughout the year rather than having to put aside a large chunk of time right before the deadline.
It is good practice to continuously complete your CPD training throughout the year. This means that as the end of the calendar and training year approaches you were a not stuck completing a large number of CPD hours to maintain compliance. Senior Management should review the CPD training progress of all representatives as well as themselves to ensure they too are completing the required hours.
Please contact us if you have any questions regarding your CPD training.