AFSL Holders must ensure they are maintaining their organisational competence to provide financial services. All Representatives, Responsible Managers and employees of an AFSL must complete specific training each year depending on the type of AFSL they work under.
Under current legislation, AFSLs providing personal advice to retail clients, general advice to retail clients, wholesale clients, or limited AFSLs all have different training obligations.
Advisers must undertake a Professional Year of work and training that meets the requirements set by the Treasury.
Complete an approved qualification as listed in the legislative instrument.
Pass the financial adviser exam administered by ASIC.
Undertake forty (40) hours of Continuing Professional Development (CPD) each year.
Comply with the Financial Planners and Advisers Code of Ethics 2019
Although ASIC does not specify a minimum requirement of CPD hours for Responsible Managers and representatives under an AFSL which doesn't provide personal advice, 20 hours is generally accepted as the industry standard.
All Responsible Managers and representatives must participate in a professional development program in order to meet the competency requirements set out in RG 104. Representatives working on AFSLs dealing with retail clients should ensure they are also complying with RG 146.
Each Responsible Manager and representative should have a training plan prepared annually for the following 12 month period. Training plans should address the following: