Financial Education Professionals
FAQs2021-11-08T11:42:51+11:00

FAQs

We clarify the when, what, why and how to help you find the right financial training solution

How long do I have to complete the program?2021-10-15T23:40:40+11:00

Once enrolled, you have until 30 June 2022 to complete the 2021-22 program.

If you have questions about financial services regulation and what training is needed to satisfy requirements, information can be found in

Are FEPs ACL CPD programs recognised by the MFAA and the FBAA?2021-10-15T23:40:22+11:00

Absolutely. Yes, the MFAA recognises structured learning as a valid CPD option for their members – 20.00 MFAA CPD hours have been allocated for this activity. Our RG206 CPD meets the Finance Brokers Association of Australia (FBAA), have specified for their members.

I am a Representative. What does FEP provide to assist me in meeting ASICs regulatory requirements?2021-10-15T23:39:59+11:00

We offer an online 20 CPD hours program each year specifically designed to assist Representatives to comply with ASIC’s requirements. 

I am a Representative. How many hours of CPD do I need to complete each year?2021-10-15T23:39:42+11:00

ASIC observes that between 10 and 30 hours of CPD per year is standard in other industry sectors. Consequently, if a licensee determines that less than 10 hours of CPD per year is an appropriate number of hours for their representatives to engage in, ASIC would expect the licensee to explain why this is sufficient.

I am a Representative. How do I meet ASICs regulatory requirements?2021-10-15T23:39:27+11:00

Credit regulation requires licensees to ensure their representatives are adequately trained and competent to engage in the credit activities authorised by their licence. Other than representatives providing home loan credit assistance, ASIC expects licensees to determine the appropriate initial and ongoing training for their representatives and to embed the requirements in their recruitment and training systems.

I am a Responsible Manager. What does FEP provide to assist me in meeting ASICs regulatory requirements?2021-10-15T23:39:09+11:00

We offer an online 20 CPD hours program each year specifically designed to assist Responsible Managers in meeting this obligation.

I am a Responsible Manager. How many hours of CPD do I need to complete each year?2021-10-15T23:38:36+11:00

Responsible managers must undertake 20 hours of CPD per year.

I am a Responsible Manager. How do I meet ASICs regulatory requirements?2021-10-15T23:38:16+11:00

ASIC Regulatory Guide 206 Credit licensing – Competence and training stipulates that each holder of an Australian Credit Licence is required to “maintain and update the qualifications and experience of your responsible managers and ensure that your responsible managers undertake at least 20 hours of continuing professional development (CPD) per year”.

What should my CPD include?2021-10-15T23:37:52+11:00

Your ACL CPD should include both product and industry developments related to credit, and also compliance training, including in relation to new regulatory requirements of the credit regime. For example, compliance training would need to encompass the responsible lending obligations. (RG 206.66).

Do I need ongoing compliance?2021-10-15T23:37:27+11:00

Once you have a credit licence, you must maintain your organisational competence at all times. (RG 206.16)

What you need to do to comply?2021-10-15T23:37:09+11:00

The National Credit Act places responsibility on you to ensure you maintain the competence to provide the credit activities authorised by your credit licence.

What is Organisational competence?2021-10-15T23:36:52+11:00

If you hold an Australian credit licence (credit licence), you must maintain your organisation’s competence to engage in the credit activities authorised by your credit licence.

What is RG206?2021-10-15T23:36:29+11:00

Credit licensees must comply with the organisational competence obligation in s47(1)(f) of the National Consumer Credit protection Act 2009 (National Credit Act)Regulatory Guide 206 Credit licensing: Competence and training (RG 206) sets out the minimum expectations for demonstrating organisational competence.

What is a Mortgage Finance Broker?2021-10-15T23:36:12+11:00

A Finance Broker assists the consumer in finding an appropriate loan that suits their unique needs and circumstances. Find out  more here.

What Certification do I achieve?2021-10-15T23:35:52+11:00

On successful completion, you will be awarded a Certificate of Attainment. It will be available online for you to download and print immediately.

Is there an assessment component?2021-10-15T23:35:35+11:00

Yes, On completion of each topic, there is one knowledge examination. The examination is based on the subject matter in the given topic. Each knowledge examination is open book and does not need to be supervised. You may have three (3) attempts. Only the grade from your final attempt will count.

For Representatives there are five (5) multiple-choice questions in the knowledge examination for each topic. You require 80% (4 correct questions out of 5) in each topic to pass.

For Responsible Managers there are eight (8) multiple-choice questions in the examination for each topic. You require 75% (6 correct questions out of 8) in each topic to pass.

Can I choose my specialist credit area to study?2021-10-15T23:35:13+11:00

Absolutely. At FEP we believe when it comes to CPD, you and your team should be able to access topics that align with specific roles and experience. Each program comprises 5 topics – four core topics and one specialised practical topic aligned to your area of operation, either mortgage broking, leasing or personal loans.

Can I do the program online?2021-10-15T23:34:50+11:00

Yes, This program is offered by self study via our online learning portal, FEP Online. It provides you with online learning resources, online assessment and insightful tracking and reporting. You are able to complete the program topic by topic, accruing CPD points along the way.

What is FEPs Mortgage and Credit CPD program?2021-10-15T23:34:35+11:00

Our Credit and Mortgage Broking CPD is an essential annual update for credit licencees. It covers everything you need to know in one convenient online course.  Each program earning 20 CPD points. Our programs are packed full of essential regulatory updates and practical tips for achieving the best outcomes for your clients, efficiently and compliantly.

Can I customise a training plan to meet my organisation’s compliance requirements?2021-10-15T23:33:42+11:00

Absolutely. For example, you might want your whole organisation to study generic knowledge and regulation, with only select groups needing to add on specialist knowledge topics. Or you can pick and choose what specialist knowledge areas your organisation’s advisers need to complete training in.

Contact us to customise a training plan for your organisation.

If you have questions about financial services regulation and what training is needed to satisfy requirements, information can be found in

How does cpdevolve assist licensees or managers who have 10+ advisers?2021-10-15T23:33:19+11:00
  • Set your teams’ CPD training plan and CPD period
  • Monitor your teams’ CPD progress
  • Upload external CPD activities to our system and map it to ASIC categories
  • Telephone and email support during business hours
  • Customised reporting
  • Dedicated relationship manager

For more information on how we can customise a corporate solution, visit our Corporate Solutions page.

Can an adviser upload external training to FEP online?2021-10-15T23:33:01+11:00

Yes. Advisers can upload CPD activities completed externally and have them counted towards their training plan.

What is FEP Online?2021-10-15T23:32:45+11:00

FEP Online is our online learning platform. It enables the management, recording and reporting of CPD requirements.

Does Financial Education Professionals offer a complete CPD solution for advisers under ASIC?2021-10-15T23:32:23+11:00

Yes. Our RG146 CPD provides individual advisers and organisations a complete online solution to satisfy CPD requirements, allowing them to track their progress and keep a record of all CPD completed.

Our annual training plan covers all the relevant specialist knowledge areas in which advisers may provide advice. It includes a total of 24 CPD points for the following areas:

  • Generic Knowledge
  • Regulation
  • Securities
  • Derivatives
  • Managed Investments
  • Foreign Exchange
  • Margin lending
  • Superannuation
Can FEP assist with maintaining records CPD?2021-10-15T23:32:05+11:00

Yes, advisers will be able to record their CPD activities in FEP Online and track their progress. They can also save or print a copy of their record of learning which will show how many points they have completed in each CPD category and on which date.

When does an adviser need to commence their CPD training?2021-10-15T23:31:49+11:00

Once an adviser has completed their initial RG146 training, they have 12 months before they must commence CPD. CPD is then required to be completed each year within the CPD year their licensee has nominated.

What is a CPD year?2021-10-15T23:31:30+11:00

A CPD year is the 12-month period within which advisers need to satisfy annual CPD requirements. Licensees can select any month to commence their CPD year from; however, many find that administering their CPD programs is easier if their year starts in either January or July. Others align their CPD year with that of an industry or professional body they are a corporate member of.

How many hours does ASIC require an adviser to complete each year?2021-10-15T23:31:12+11:00

ASIC has not prescribed a minimum number of hours per year that an adviser should spend on continuing training. This is because the time required will vary according to the adviser’s activities and level of experience. Licensees should nominate an appropriate figure, based on each adviser’s activities and experience. For guidance, you can look up what minimum hours relevant professional bodies have set for their members, while in our experience the industry standard is 20 CPD points/hours per year.

Why do advisers need to complete CPD?2021-10-15T23:30:51+11:00

ASIC requires licensees to have in place policies and procedures to ensure that they and their advisers are undertaking continuing training. The purpose of this training is to maintain and update the knowledge and skills that are appropriate for their activities. It is essential because how markets operate and regulatory requirements can change rapidly.

What should training policies and procedures include?

Best practice tips for licensees include:

(a) nominating a person who is responsible for continuing training

(b) deciding how much training each adviser needs each year

(c) establishing annual training plans for each adviser

(d) keeping records of advisers’ training programs.

Refer to ASIC’s Regulatory Guide 146 for detailed information.

ASIC RG146 CPD FAQs2021-10-15T23:30:28+11:00
  • Do you provide general advice only in RG146 specialist knowledge areas?
  • Do you provide personal advice in General Insurance and/or Deposit Products and Non-Cash Payment Products only?

If you answered “yes” to either of these questions, ASIC regulates your advice activities and our RG146 CPD can help satisfy your continuing professional development obligations.

What is the AML/CTF Act?2021-10-15T23:29:58+11:00

The AML/CTF Act is part of a legislative package which brings Australia into line with international best practice to deter money laundering and terrorism financing.
Australia’s AML/CTF regime comprises the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (the AML/CTF Act) and the Anti-Money Laundering and Counter-Terrorism Financing Rules Instrument 2007 (No.1).

If you have questions about financial services regulation and what training is needed to satisfy requirements, information can be found in

What is AUSTRAC’s role in money laundering and terrorism financing?2021-10-15T23:29:30+11:00

AUSTRAC is Australia’s anti-money laundering and counter-terrorism financing regulator and specialist financial intelligence unit. It is an Australian Government agency with a mandate specified in the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (Cth.)

Who is the AML/CTF program suitable for?2021-10-15T23:29:11+11:00

The program is suitable for AML/CTF advisers, compliance consultants and auditors, and professional services firms as well.

How long do I have to complete the program?2021-10-15T23:28:54+11:00

You can enrol anytime. Once enrolled, you have 8 weeks to complete the program.

What Certification do I achieve?2021-10-15T23:28:38+11:00

On successful completion, participants will be awarded a Certificate of Attainment confirming that they have successfully completed The AML/CTF Program.

Is there an assessment component?2021-10-15T23:28:17+11:00

Yes. There are five (5) topics in this course. On completion of each topic, there is one knowledge examination. The examination is based on the subject matter in the given topic. Each knowledge examination is open book and does not need to be supervised. You may have three (3) attempts. Only the grade from your final attempt will count.

There are ten (10) multiple-choice questions in the knowledge examination for each topic. You require 80% (8 correct responses out of 10) in each topic to pass.

Can I do the program online?2021-10-15T23:27:59+11:00

Yes, This program is offered by self study via our online learning portal, FEP Online. It provides you with online learning resources, online assessment and insightful tracking and reporting.

What is FEPs AML/CTF Program?2021-10-15T23:27:42+11:00

Our online AML/CTF program is designed for any individual who is employed in a role where customer due diligence, reporting and record keeping is required to comply with obligations under the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (AML/CTF Act) or the Financial Transaction Reports Act 1988 (FTR Act).

It is a comprehensive training program to understand the AML/CTF in Australia.

What is FEP’s Responsible Managers CPD program?2021-10-15T23:27:19+11:00

Our 2021 program:

  • Contains five topics.
  • Earns 15 CPD hours/points (3 CPD points per topic).
  • Topics are separately assessed so can be studied one at a time, across the year.
  • Assessment is via a multiple-choice quiz for each topic; pass mark for each topic is 6/8 (75%).
  • Once enrolled, participants have until 31 December 2021 to complete.

Will I become Fit and Proper under APRA if I complete FEP’s CPD for Responsible Managers?

No.

  • Our CPD for Responsible Managers annual update will not help you to become ‘Fit and Proper’.  Each institution regulated by APRA must have its  own Fit and Proper policy which meets the requirements of the Prudential Standard. The standard states,  ‘Persons who are responsible for the management and oversight of an APRA institution…. need to have appropriate skills, experience and knowledge, and act with honesty and integrity.

Our program provides CPD for Responsible Persons and Senior Managers to keep up to date with changing APRA regulations and contributes to the ‘appropriate knowledge’ section of the Standard.

How many CPD points/hours can I use toward APRA’s CPS 520?

Each institution regulated by APRA must have its  own Fit and Proper policy which meets the requirements of the Prudential Standard. Your organisation can review the  course outline and make a determination as to how much of the course is relevant to your unique policy. Please contact us for a course outline.

As a Registered Training Organisation (RTO Code 90725) we have allocated 3 CPD points per topic.

 

If you have questions about financial services regulation and what training is needed to satisfy requirements, information can be found in

Who can I talk to further about my AFSL compliance requirements?2021-10-15T23:26:00+11:00

Please visit our Compliance Consultants directory.

Do responsible managers need ongoing training (CPD)?

Yes.

  • ASIC requires licensees to maintain and update the knowledge and skills of their Responsible Managers (RG 105.7).
  • APRA’s Prudential Standard CPS 520 Fit and Proper (SPS Fit and Proper for superannuation), requires “persons who are responsible for the management and oversight of an APRA-regulated institution, and persons employed by a member of the group whose activities may materially affect the business or financial standing of the group, to have appropriate skills, experience and knowledge, and act with honesty and integrity”.
Who can be a responsible manager?2021-10-15T23:25:29+11:00

ASIC Regulatory Guide 105 AFS Licensing: Organisational competence (RG 105), provides detailed information about the requirements of responsible managers under an AFS licence.

For information on relevant legislation and important information surrounding your licensing obligations please refer to ASIC’s Regulatory Index.

A responsible manager possesses the following attributes:

  • they must be directly responsible for significant day-to-day decisions in regard to the provision of financial services
  • they must meet one of the five options for demonstrating knowledge and skills appropriate to their role, and
  • they must be a ‘fit and proper’ person.

Persons likely to be responsible managers within an AFS licensee include:

  • executive directors employed in a small to medium business
  • managers in a dealing room environment
  • business unit heads.

It is important to note that each financial product and service offered by a licensee must be matched by the skills and experience of at least one responsible manager

What is a responsible manager?2021-10-15T23:25:07+11:00

Responsible Managers are the people that a licensee appoints to demonstrate to ASIC that it has the knowledge, skills and experience required to provide the financial services it is authorised to on its Australian Financial Services licence (AFSL).

For information on relevant legislation and important information surrounding your licensing obligations please refer to ASIC’s Regulatory Index.

Are you applying for an AFS Licence? Refer to ASICs AFS Licensing Kit for your obligations.

I am looking for a career in financial services. Where can I start?2021-10-15T23:24:35+11:00

Roles within financial services are varied. FEP is an education provider, so cannot guide you on a career path. You could start with chatting to an employer or prospective employer to determine what you would need to do. You could also check the following

Once you know what education or qualifications you need, we will be happy to help.

What is the difference between general and personal advice?2021-10-15T23:23:51+11:00

Personal advice includes circumstances where:

  1. an adviser has considered one or more of a client’s objectives, financial situation and needs (other than for the purposes of complying with AML/CTF requirements); or
  2. a reasonable person might expect the adviser to have considered one or more of those matters.

General advice is financial product advice that is not personal advice. There are some occasions when obtaining information from a customer does not constitute giving advice, e.g. requesting customer details to calculate the premium for an insurance quote.

ASIC illustrates the difference between factual information, general advice and personal advice in Regulatory Guide 36 Licensing: Financial product advice and dealing (RG 36)

Who is regulating advisers now?2021-10-15T23:23:02+11:00

FASEA was established in 2017 to set the education, training and ethical standards of financial advisers who provide personal advice on relevant financial products to retail clients. On 13 June 2017, FASEA was declared as the standards body under the Corporations Act.

ASIC continued to have oversight of general advice, personal advice to wholesale clients, and advisers providing advice in General Insurance (Tier 1 and Tier 2) and deposit products and non-cash payment products only.

Note that in mid-December 2020, the Government announced a proposal to disband FASEA. Associated changes will see:

  • FASEA’s standards-making function reassigned to Treasury
  • ASIC’s Financial Services and Credit Panel (FSCP) become the financial advice sector’s long-awaited single disciplinary body. The FSCP’s expanded mandate will include administering the adviser examination and monitoring compliance with the Code of Ethics.

Legislation implementing these reforms was intended to be introduced into Parliament in the first half of 2021.

Do you recognise prior learning?2021-10-15T23:22:39+11:00

If you are adding a specialist knowledge area to your current authorisations, we may be able to recognise your previous study of Generic Knowledge and Skills. We can only recognise prior learning from qualifications obtained from a Registered Training Organisation.

You’re welcome to send transcripts showing subjects and units of competency you have completed to admin@financialeducation.com.au so we can assess your eligibility.

What knowledge areas should I gain compliance in?2021-10-15T23:22:21+11:00

That would depend on your role and what financial products you provide advice in. You must be accredited to provide advice in all knowledge areas you intend to advise on. Consult your licensee if you are unsure or would like to discuss with them your desire to advise on additional knowledge areas.

Authorisation is the responsibility of your Australian Financial Services Licensee.

What is the difference with Tier 1 General Insurance (Personal Advice) and Tier 1 Insurance Broking (Personal Advice)2021-10-15T23:22:03+11:00

Tier 1 RG146 Insurance Broking includes all the content covered in Tier 1 RG146 General Insurance PLUS extra content and competencies specific to being a broker.

What are the training standards?2021-10-15T23:21:37+11:00

The training standards are sets of knowledge and (in some cases) skill requirements that must be satisfied by advisers before they give advice.

Knowledge and skill requirements vary depending on:

  • whether the adviser gives general or personal advice; and
  • what products the adviser gives advice on.
  • Some products are classified as being Tier 1, while others are Tier 2

The knowledge requirements are set out in Appendix A of RG146 and the skill requirements are set out Appendix B.

What are the Tier 1 RG146 specialist knowledge areas?2021-10-15T23:21:16+11:00
Who does RG146 compliance apply to?2021-10-15T23:20:59+11:00

RG146 continues to apply for certain groups, namely licensees and advisers who:

  • Provide general advice
  • Provide personal advice to retail clients in Insurance Broking, General Insurance and/or in Deposit Products & Non-Cash Payment Products only
  • Are already listed on the Financial Advisers Register and wish to add an additional RG146 specialist knowledge area to their existing credentials.
What are FEP’s study methods?2021-10-15T23:20:37+11:00

You can study most FEP courses fully online via our learning portal, FEPOnline. Giving students and learning managers 24/7 access, it provides you with online learning resources, online assessment and insightful tracking and reporting.

Do FEP’s courses comply with ASIC’s requirements?2021-10-15T23:20:19+11:00

ASIC doesn’t accredit courses. We are a Registered Training Organisation and an ASIC Authorised Assessor, so you can be assured that FEP’s courses comply  with ASIC’s requirements (RG 146.87).

What is RG146 compliance?2021-10-15T23:19:59+11:00

Regulatory Guide 146 Licensing: Training of financial product advisers prescribes the knowledge and skills financial services professionals who give financial product advice to retail investors require. It aligns with provisions in Chapter 7 of the Corporations Act – particularly s766B – and outlines how ASIC regulates AFS Licensees’ compliance with their advice conduct obligations.