What is FEPs Mortgage and Credit CPD program?
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 do the program online?
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.
Can I choose my specialist credit area to study?
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.
Is there an assessment component?
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.
What Certification do I achieve?
On successful completion, you will be awarded a Certificate of Attainment. It will be available online for you to download and print immediately.
What is a Mortgage Finance Broker?
A Finance Broker assists the consumer in finding an appropriate loan that suits their unique needs and circumstances. Find out more here.
What is RG206?
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 Organisational competence?
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 you need to do to comply?
The National Credit Act places responsibility on you to ensure you maintain the competence to provide the credit activities authorised by your credit licence.
Do I need ongoing compliance?
Once you have a credit licence, you must maintain your organisational competence at all times. (RG 206.16)
What should my CPD include?
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).
I am a Responsible Manager. How do I meet ASICs regulatory requirements?
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”.
I am a Responsible Manager. How many hours of CPD do I need to complete each year?
Responsible managers must undertake 20 hours of CPD per year.
I am a Responsible Manager. What does FEP provide to assist me in meeting ASICs regulatory requirements?
We offer an online 20 CPD hours program each year specifically designed to assist Responsible Managers in meeting this obligation.
I am a Representative. How do I meet ASICs regulatory requirements?
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 Representative. How many hours of CPD do I need to complete each 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.
I am a Representative. What does FEP provide to assist me in meeting ASICs regulatory requirements?
We offer an online 20 CPD hours program each year specifically designed to assist Representatives to comply with ASIC’s requirements.
Are FEPs ACL CPD programs recognised by the MFAA and the FBAA?
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.
How long do I have to complete the program?
Once enrolled, you have until 30 June 2021 to complete the 2020-21 program.
If you have questions about financial services regulation and what training is needed to satisfy requirements, information can be found in