FAQs
We clarify the what, why, when and how to help you find the right financial training solution
Frequently asked questions about our courses
ASIC doesn’t specify how many CPD hours are required for Responsible Managers of AFS licensees.
However, the CPD must be ‘adequate’ and assist a responsible manager to:
- maintain knowledge and skills that are appropriate for their activities and responsibilities, and are consistent with any applicable training standards
- update their knowledge and skills, especially in areas where there is continual change
- develop new knowledge and skills to assist with their current role or roles contemplated in the near future.
Our AFSL Responsible Manager CPD awards 15 hours/points. This affords licensees flexibility to make up the balance of the widely accepted industry standard of 20 hours via other activities, such as industry reading, inhouse training, and industry event attendance.
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.
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.
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.
On successful completion, participants will be awarded a Certificate of Attainment confirming that they have successfully completed The AML/CTF Program.
You can enrol anytime. Once enrolled, you have 8 weeks to complete the program.
The program is suitable for:
- Risk and compliance leaders that have oversight of AML/CTF obligations
- Specialist AML or Financial Crime teams
- AML/CTF advisers
- Compliance consultants and auditors and
- Professional services firms.
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.)
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
- ASIC’s regulatory guides or
- contact your industry association who may be able to offer further assistance.
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 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.
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.
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.
Our Credit and Mortgage Broking CPD (RG206) 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.
Absolutely. 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
- ASIC’s regulatory guides or
- contact your industry association who may be able to offer further assistance.
Our Financial Services CPD offers financial participants and organisations a complete online solution to satisfy ASIC’s RG146 general advice ongoing education requirements.
It also suits financial workplaces as a framework to meet the general licence requirement to be adequately trained and competent. (under RG104 and RG146.34-35).
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.
On successful completion, you will be awarded a Certificate of Attainment. It will be available online for you to download and print immediately.
Regulatory Guide 206 Credit licensing: Competence and training (RG 206)
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 you need to do to comply will depend on the nature, scale and complexity of your business. However, Regulatory Guide 206 Credit licensing: Competence and training (RG 206) sets out our minimum expectations for demonstrating organisational competence.
You must also ensure that your representatives are adequately trained and competent to engage in the credit activities authorised by your licence: s47(1)(g).
ASIC generally expects you to determine what is appropriate initial and ongoing training for your representatives and to embed this in your recruitment and training systems.
Updated annually, our CPD is designed to enable Responsible Managers and Representatives of Australian Credit Licensees to meet their mandatory RG206 continuing training requirement. Our CPD that is structured, properly assessed and recorded.
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Credit CPD for Representatives
Designed to enable representatives of Australian Credit Licencees to meet their mandatory RG 206 continuing training requirements -
Credit CPD for Responsible Managers
Our Annual CPD Program is designed to enable Responsible Managers of Australian Credit Licencees to meet their mandatory RG206 continuing training requirements. -
Responsible Lending
We clarify the who, what, and why of this aspect of credit law, so you can assist your practice to comply with its obligations.
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”.
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.
Our Credit CPD for Representatives earns 20 CPD hours/points.
Once enrolled, you have until 30 June 2024 to complete the 2023-24 program.
If you have questions about financial services regulation and what training is needed to satisfy requirements, information can be found in
- ASIC’s regulatory guides or
- Mortgage & Finance Association of Australia
- contact your industry association who may be able to offer further assistance.
RG 105 AFS licensing: Organisational competence is a guide for Australian financial services (AFS) licensees and AFS licence applicants.
This guide describes what ASIC looks for when assessing compliance with the ‘organisational competence obligation’, which is one of the general obligations under s912A(1) of the Corporations Act.
RG 146 continues to apply to people who provide:
- general advice,
- personal advice on basic banking products, general insurance and/or consumer credit insurance, and
- individuals who provide financial product advice in relation to a time-sharing scheme.
RG 146 refers to ‘Tier 1 products’ and ‘Tier 2 products’. As a result of the professional standards reforms, ASIC considers, in general, that:
- Tier 1 products are relevant financial products, and
- Tier 2 products are financial products that are not relevant financial products (i.e. basic banking products, general insurance products and/or consumer credit insurance, and time-sharing schemes).
Our practical, back to basics guide steps you through becoming RG146 compliant. Learn more in our recent insight How Do I Become RG146 Compliant?
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.
We offer an online, modular approach, allowing you to study and complete one RG146 specialist knowledge area at a time.
To meet relevant training standards at the Tier 1 level, you must complete both Generic Knowledge and the specialist knowledge area you intend to provide general advice in.
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
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.
Our CPD program is an essential annual update for responsible managers and governance, risk and compliance leaders.
- Released annual each year (January – December)
- Contains five topics in alignment with what the regulators are prioritising
- 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.
ASIC’s 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.
We see Compliance Consultants as essential to good customer outcomes. Self-licensing is on the rise, ASIC is increasing scrutiny of regulated entities, and numerous legislative changes and other reforms are prompting all manner of financial services firms to seek the assistance of a Compliance Consultant.
Please visit our Compliance Consultants directory.
Under their Australian financial services licensing obligations, some firms are required to meet additional standards if any representatives give advice to retail clients (RG146).
To assist AFS Licensees, we follow the syllabus prescribed by the Australian Securities and Investments Commission (ASIC) for each Tier 1 and Tier 2 specialist knowledge area.
We are a Registered Training Organisation and an ASIC Authorised Assessor, so you can be assured that each RG146 course covers all the elements ASIC has specified advisers should learn. (RG 146.87).
Our RG146 Programs are self-paced with online learning resources & on-going support.
- You have up to 16 weeks to complete the learning and assessment requirements for your Tier 1 RG146 Course.
- You have up to 8 weeks to complete the learning and assessment requirements for your Tier 2 RG146 Course.
- Experienced professionals can complete in less time.
- The assessment is online, open-book and does not need to be supervised
- If you are unsuccessful, you may repeat the assessment (2 attempts)
- A practice assessment is available to you
Learners have up to 16 weeks to complete a Tier 1 Compliance Course. The study time all depends on your current knowledge and experience, however we estimate 20 hours to complete a Tier 1 RG146 course or 8 hours to complete a Tier 2 RG146 course.
Our Tier 1 specialist knowledge areas include:
- RG146 Securities
- RG146 Derivatives
- RG146 Managed Investments
- RG146 Foreign Exchange
- RG146 Superannuation
- RG146 General Insurance
- RG146 Life Insurance
- RG146 Insurance Broking.
To meet relevant training standards at the Tier 1 level, you must complete both Generic Knowledge and the specialist knowledge area you intend to provide general advice in.
Our Tier 2 specialist knowledge areas include:
ASIC has divided RG146 products into Tier 1 and Tier 2. Tier 2 products are generally simpler and better understood than Tier 1 products and are therefore subject to lighter training standards.
In RG 146 ASIC says it has taken this approach because while Tier 2 products carry certain risks, they:
- are relatively straightforward;
- do not have any investment component;
- are subject to standard terms and conditions except for disclosed variations; and
- are of limited life, often 12 months.
In practical terms, advisers on Tier 1 products are required to have Generic Knowledge plus a specialist knowledge about the specific products they advise on and the markets in which they operate. This differs from ASIC’s syllabus for Tier 2 products, which covers only specialist knowledge requirements that are relevant to the adviser’s tasks and specific industry and product/s.
Tier 2 products are deposit products, non-cash payment facilities, and general insurance (other than personal sickness and accident insurance).
Most other financial products are Tier 1, such as Securities, Managed Investments, Derivatives, Foreign Exchange, Superannuation, and Life Insurance.
Note that not all licensed financial products are in the RG 146 framework. For details of what financial products are in scope and whether they are Tier 1 or Tier 2, refer to RG 146.
Remember, licensees still have a general obligation to ensure that their advisers have the necessary skills to be competent to provide advice (s912A(f) of the Corporations Act). Studying RG 146 learning is an effective avenue for fulfilling this requirement.
Our RG146 Compliance Training Courses meet ASIC’s requirements for financial product advisers or representatives needing to meet the relevant training standards. (see RG 146.1–RG 146.3.)
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RG146 Generic Knowledge
Learn the economic environment, operation of financial markets and types of financial products. -
RG146 Securities
Explore shares, bank bills, commercial paper, bonds, structured products and crowdfunding. -
RG146 Derivatives
Uncover equity, fixed interest, FX related futures, options, forwards, swaps and market conventions.
You can enrol your team either:
- Enrol online or
- Contact us to arrange an invoice.
Talk with us to develop your team training program.
We do not charge additional study related fees.
- Exam resit $0
- Course extension request (4 weeks) $0
- Certificate replacement fee $0