What is RG 206?
As an Australian credit licensee, responsible manager, or representative you’ll have noticed that regulators, consumer groups and the media have turned up the intensity of the spotlight shining on your industry.
Which is where our ACL CPD comes in. We’re here to support you and make complying with your professional development requirements a little more gratifying.
We’ve got topics on contemporary issues vital to every stage of a credit transaction, and this year we’ve introduced a specialist mortgage topic too.
If you’re ready to get started, you can visit our dedicated pages for ACL responsible managers and ACL credit representatives.
If you need a refresher on what your ACL CPD requirements are, view our brief summary below or visit ASIC Regulatory Guide 206 Credit licensing: Competence and training.
Credit licensees are required to comply with the requirements in the National Credit Act.
Our CPD is structured, meaning that there are learning outcomes and an assessment. The MFAA recognises structured learning as a valid CPD option for their members.
Do Responsible Managers require CPD?
Yes – ASIC requires that licensees regularly review and update their competence to engage in credit activities. This means that Responsible Managers must maintain and update their knowledge and skills.
All Responsible Managers operating under an Australian Credit Licence should complete a minimum of 20 CPD hours each year. This CPD must relate to credit and compliance issues.
We offer a short online CPD course each year specifically designed to assist Responsible Managers in meeting this obligation.
Do Representatives require CPD?
Yes – ASIC requires that credit licensees ensure their Representatives are adequately trained and competent to engage in the credit activities authorised by their licence.
ASIC generally expects licensees to determine appropriate initial and ongoing training for their Representatives and to embed this in their recruitment and training systems. The ongoing training requirements for Representatives vary depending on the nature, scale and complexity of the credit business. Generally, licensees should ensure that their Representatives undertake between 10 – 30 hours of CPD each year.
We offer a short online course each year specifically designed to assist Representatives to comply with ASIC’s requirements and achieve 20 CPD points.
The ongoing training expectations for Representatives are outlined in the table below:
||Ongoing training requirements – CPD
|A representative providing independent home loan credit assistance*
||At least 20 hours of CPD each year
|A representative only providing home loan credit assistance in relation to their licensee’s own credit products
||A choice of:
· a minimum 20 hours of CPD each year; or
· a regular knowledge update review and sufficient hours of CPD each year to enable completion of the knowledge update review
|All other representatives
||Between 10 and 30 hours of CPD each year