CPD Requirements for Australian Credit Licencees

Australian Credit Licensees (ACLs) must ensure that all employees, representatives and Responsible Managers keep up-to-date with credit industry and regulatory developments by undertaking Continuing Professional Development (CPD).  

What are the minimum requirements?

Provider TypeHours RequiredType of Training Required
Employees/RepresentativesBetween 10 and 30 hours each year.Any training determined by the licensee to be appropriate to the employee/representative's role and industry sector.
Responsible ManagersAt least 20 hours each year.Any training determined by the licensee to be appropriate to Responsible Manager's role and industry sector.
Where third party home loan credit assistance is provided At least 20 hours each year.Where credit assistance is provided in relation to the licensee's own products only, the individual may elect either:

• any training determined by the licensee to be appropriate; or
• a regular knowledge update administered by a registered training organisation and sufficient hours of CPD is undertaken each year.

ASIC’s Regulatory Guide 206 notes that where a credit licensee considers that less than ten (10) hours of CPD is appropriate for employees and representatives, ASIC will require the licensee to explain why this amount is considered sufficient.

What type of training is considered appropriate?

Responsible Managers, representatives and employees must undertake professional development at an appropriately high level. Training should cover:

  • all broad aspects of the Credit Licence obligations such as general compliance, credit industry and regulatory updates;
  • knowledge related to the credit activities under the Australian Credit Licence; and
  • knowledge specific to the individual’s role within the organisation.

Credit Providers should also undertake training that covers their obligations under the Anti-Money Laundering and Counter Terrorism Financing legislation.

ASIC’s guidance suggests that Responsible Managers, employees and representative prepare a training plan at least annually, subject to the approval of the credit holder. Training plans should address how the individual will:

  • maintain and develop knowledge and skills that are appropriate to their role and responsibilities;
  • update their knowledge and skills, especially in areas where there is continual change such as legislative, credit industry and regulatory updates or market practices); and
  • set objectives such as the desired changes in knowledge, skills and/or performance at the end of the training year.

What does this mean for credit licensees?

Licensees should ensure each of their Responsible Managers, representatives and employees have a personal training plan and are recording details of all CPD activities completed including the following:

  • training type (e.g. publication, conference, in-house training);
  • training area (e.g. general knowledge, ethics, compliance);
  • date and duration; and
  • name of the training provider.

ASIC may conduct a surveillance visit on a credit licensee’s business in relation to its ongoing compliance with the obligation to maintain competence to engage in credit activities. Failure to adhere to the training requirements will result in civil penalty.


Section 47(1)(g) of the National Consumer Credit Protect Act 2009 (Cth) requires Australian Credit Licensees to ensure that their employees, representatives and Responsible Managers are adequately trained and competent to engage in credit activities authorised by the licence.

Further Reading

For more information on CPD training requirements and how we can assist you, please contact us.

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CPD Requirements for Australian Credit Licensees

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