Financial Services Continuing Professional Development – Frequently asked questions

RG146 Continuing Professional Development

FAQs

ASIC RG146 CPD FAQs

  • 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.

Why do advisers need to complete CPD?

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.

How many hours does ASIC require an adviser to complete each year?

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.

What is a CPD 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.

When does an adviser need to commence their CPD training?

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.

Can FEP assist with maintaining records CPD?

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.

Does Financial Education Professionals offer a complete CPD solution for advisers under ASIC?

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

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

Can an adviser upload external training to FEP online?
Yes. Advisers can upload CPD activities completed externally and have them counted towards their training plan.

How does cpdevolve assist licensees or managers who have 10+ advisers?

  • 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 I customise a training plan to meet my organisation’s compliance requirements?
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