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.