The secret to Credit CPD success

Estimated read time: 2-3 minutes
Start rating: *****
Topic: Financial Services CPD | CPD Short Courses

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Acting in the best interests of your clients goes beyond simply ticking the compliance box. When it comes to CPD, your team should be able to access modules that align with their role and their experience. Build a flexible CPD program that allows learners some choice over the skills they develop.

With so many pressures on today’s credit and mortgage brokers, CPD is typically regarded as merely a compliance obligation, and a time-consuming one at that. But what if you were to flip that view on its head? What if, instead of a burden, CPD was perceived as a value-add that can not only improve staff competency but also rebuild consumer trust? When viewed as a mark of professionalism, ongoing training can actually be a point of pride for financial businesses, one which can demonstrate to customers that you are committed to doing the right thing.

Note that whilst this article specifically references CPD for those operating under an Australian Credit Licence, the principles discussed could apply equally across all financial services professionals. And indeed all professions!

Manoeuvring through a changing legislative landscape

It seems like Australia’s credit market is subject to a new set of rules every day. From individual lenders setting their own standards for net offset calculations, to new credit legislation designed to reduce conflicts of interest, it is no wonder brokers are feeling overwhelmed by the scale of change. They are in desperate need of clear guidance as to how the changes impact them at a practical level, which is where a carefully curated CPD program can help.

Regulatory updates, delivered in a timely manner and an easy to digest format, are in many ways the central pillar of a CPD program. But these updates should sit alongside case studies that illustrate how the rules have been applied and practical examples of how to meet new obligations. Incorporating regular compliance updates in your CPD program will also demonstrate to your staff that you are serious about meeting your regulatory obligations and that you view compliance as everyone’s business.

Focus on relevance

If you do not see value in a task, you are more likely to put it off until the last minute. This is almost certainly what happens when CPD is perceived as a chore. It is the equivalent to cramming for an exam – sure, some facts will be retained immediately following the cram session, but all you’re really doing is training your mind to recite the material, without developing a deeper understanding of the subject matter.

The solution? Don’t waste precious time on irrelevant content. When it comes to CPD, your team should be able to access modules that align with their role and their experience. Look closely at the needs of your individual staff and build a flexible CPD program that allows learners some choice over the skills they develop.

Regardless of whether a CPD module is compulsory or one which can be selected by the learner, it should be clear up front why the module will be valuable – both in terms of their day-to-day activity and their personal development.

Re-engaging with customers

Acting in the best interests of your clients goes beyond simply ticking the compliance box. A professional who believes in delivering the best outcomes for their clients is constantly reviewing their approach and looking for ways to improve.

By curating CPD modules that inspire learners to reflect and think critically, you can build a culture of continual improvement. That way, you can demonstrate not only a commitment to consumer wellbeing, but also a carefully structured approach to driving innovation and matching best practice, which will set your organisation apart.

The Financial Education Professionals difference

At FEP, our focus is on learning outcomes that help you to deliver positive consumer experiences that are inherently compliant and inspire you to do better. Our Credit and Mortgage Broking CPD products:

• Include essential regulatory updates and a focus on emerging technology and trends
• Meet the requirements set by MFAA and FBAA for their members
• Thoroughly cover topics, providing current information and suggesting relevant applications to business practice
• Offer a choice of specialist topics to align with your area of operation
• Are developed by practising industry experts with proven and longstanding knowledge, skills and qualifications
• Are designed around thought-provoking learning outcomes that maintain or extend an advisers’ knowledge and skills in relevant areas.

A mark of quality

The right CPD can be a mark of quality, offers an opportunity for your organisation to stand out from the crowd, excites and motivates your staff, and contributes to achieving outcomes desired by your customers. Everybody can win!

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FEP provides the complete solution to manage ASIC’s Australian Credit Licence CPD (RG206) obligations.

Our ACL CPD for representatives has all your latest credit industry developments covered, so you can focus on delighting your clients.

Our  ACL CPD for responsible managers has all the guidance you need. Expertly support your licensee and keep your credit practice thriving with our up to date coverage of industry developments.