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

What is FEPs Mortgage and Credit CPD program?2021-12-17T10:41:43+11:00

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.

Our programs are packed full of essential regulatory updates and practical tips for achieving the best outcomes for your clients, efficiently and compliantly.

What is FEPs AML/CTF Program?2021-12-17T10:09:30+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 a responsible manager?2021-12-17T09:56:24+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.

What is RG146?2021-12-14T14:12:22+11:00

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.

Regulatory Guide RG146 (RG146) sets out minimum training standards that apply to advisers and how advisers can meet these training standards.

What is RG206?2021-12-14T12:53:04+11:00

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.

About our Our RG146 courses.2021-12-23T12:53:00+11:00

We offer an online, modular approach, allowing you to study and complete one RG146 specialist knowledge area at a time.

What is FEP’s Responsible Managers CPD program?2021-12-17T10:04:00+11:00

Our CPD program is an essential annual update for responsible managers and governance, risk and compliance leaders.

  • Released annual each year
  • 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.

Find out more

When can I enrol?2021-12-13T14:32:33+11:00

Our courses, CPD and qualifications are 100% online, so you can start anytime, anywhere.

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 Australian Credit Licence CPD recognised by the MFAA and the FBAA?2021-12-14T12:44:12+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. How many hours of CPD do I need to complete each year?2021-12-17T10:46:15+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.

Our Credit CPD for Representatives earns 20 CPD hours/points.

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 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.

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 customise a training plan to meet my organisation’s compliance requirements?2021-12-14T12:28:20+11:00

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

Can I upload external training to FEP online?2021-12-17T10:21:46+11:00

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

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 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?2021-12-17T10:08:33+11:00

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.
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.

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 RG146 knowledge areas should I gain compliance in?2021-12-17T10:16:55+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 are ASIC’s RG146 training standards?2021-12-14T12:18:40+11:00

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.

What are the Tier 1 RG146 specialist knowledge areas?2021-12-14T12:25:38+11:00

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 specialist knowledge areas include:

Do FEP’s courses comply with ASIC’s requirements?2021-12-14T12:23:03+11:00

ASIC doesn’t accredit courses.

We are a Registered Training Organisation and an ASIC Authorised Assessor, so you can be assured that our courses comply with ASIC’s requirements (RG 146.87).

What is the RG146 Course Duration?2021-12-23T11:48:21+11:00

You have a total of 8 weeks to complete the learning and assessment requirements for your RG146 Tier 1 or Tier 2 Course.

An additional four weeks per course is available upon request. (We do not charge a fee for extension requests.)

How do I enrol my team?2021-12-17T10:51:25+11:00

You can enrol your team, either

  • Online. Find the right course and make an online purchase or
  • Contact Us. The FEP Team can easily arrange your team’s training.
About the Tier 1 RG146 knowledge examination?2021-12-17T10:20:04+11:00
  • A practice assessment is available to you.
  • The assessment is online, open-book and does not need to be supervised.
  • If you are unsuccessful, you can request a 2nd attempt.
  • You will know your result immediately.

 

What is a CPD year?2021-12-17T10:25:17+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?2021-12-17T10:24:49+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?2021-12-17T10:26:02+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.