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Training Requirements for AFSLs not providing Personal Advice

For AFSLs who do not provide Personal Advice to Retail clients there are specific Continuing Professional Development (“CPD“) requirements that must be met each year.

How many CPD Hours are required?

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, twenty (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 also ensure they are recording details of all CPD hours completed including the following as a minimum:

Training Type

e.g. publication, conference, in-house training

Training Area

e.g. general knowledge, ethics, compliance

Date and Duration

Name of the Training Provider

What areas of training are required?

All Responsible Managers and representatives must participate in a professional development program in order to meet the competency requirements set out in RG 104. Individuals working under AFSLs dealing with retail clients should also ensure they are complying with RG 146Training must be continuously conducted at an appropriately high level and, cover:

All broad aspects of the AFSL obligations, such as general compliance, legislative knowledge, regulatory updates.

Knowledge related to the authorised products and services under the AFSL.

Knowledge specific to the individual's role within the organisation.

Each Responsible Manager and representative should have a new training plan prepared at least annually for the following twelve (12) month period.

Training plans should address how the Responsible Managers and representatives will:

set objectives

Background

Completing the CPD requirement each year is a simple way for AFSL holders to ensure they are maintaining their organisational competence to provide financial services. Because of the number of hours required to meet the requirements, Responsible Managers and employees of AFSLs should ensure they are completing CPD hours throughout the year rather than having to put aside a large chunk of time right before their company deadline.

Senior Management should review the CPD training progress of all representatives as well as themselves to ensure they too are completing the required hours.

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

Further Reading

Professional Standards

FX Brokers

Training Requirements

AFSLs providing Personal Advice to Retail Clients

Training Requirements

Limited AFSLs

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