Do I need ASIC or FASEA CPD?


ASIC

  • Do you provide personal advice on Tier 1 General Insurance and/or Tier 2 General Insurance and/or Tier 2 Deposit Products only? Yes = ASIC
  • Do you provide general advice only on Tier 1 Financial Products? Yes = ASIC

FASEA

  • Are you a relevant provider who provides personal advice on Tier 1 Financial Products (excluding Tier 1 General Insurance)? Yes = FASEA (Go to FASEA FAQs)

ASIC RG146 CPD FAQs


Why do advisers need to complete CPD?

ASIC requires that licensees implement policies and procedures to ensure that they and their advisers undertake continuing training to maintain and update the knowledge and skills that are appropriate for their activities. Continuing training is essential to ensure advisers maintain their competence. This is particularly so because of rapidly changing markets and regulatory requirements.

What should these policies and procedures include?

These policies and procedures should include:

(a) nominating a person who is responsible for continuing training

(b) establishing annual training plans for each adviser

(c) keeping records of advisers’ training programs and

(d) deciding how much training each adviser needs each year

Please see 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 the adviser’s activities and experience. As a guide, some professional bodies have already set a minimum number of hours to be satisfied by their members and the industry standard is 20 CPD points/hours per year.

What is a CPD year? 

A CPD year is the 12-month period selected by licensees, in which their advisers need to satisfy the CPD requirements.

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 the 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 completed in each CPD category and on which date.

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

Yes. cpdevolve provides financial participants and organisations with the complete online solution to satisfy CPD requirements. We offer two CPD training packages for advisers which allow advisers to track their progress and keep a record of all CPD completed. 

The RG146 CPD annual training plan provides access to all the relevant specialist knowledge areas in which advisers may provide advice. It includes a total of 21 CPD points for the following areas:

ASIC CPD Category CPD Points
Generic Knowledge 3
Regulation 3
Securities 3
Derivatives 3
Managed Investments 3
Foreign Exchange 3
Margin Lending 3
Superannuation 3

 

The Derivatives & FX CPD provides ongoing RG146 training for those advisers who are authorised to provide advice in Derivatives and Foreign Exchange. It includes a total of 21 CPD points for the following areas:

ASIC CPD Category CPD Points
Generic Knowledge 3
Regulation 6
Derivatives 6
Foreign Exchange 6

  

Can an adviser upload external training to FEP online?
Yes. Advisers can upload CPD activities completed externally and add this to training plans.

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

How does cpdevolve assist licensees or manager 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 the ASIC CPD categories 
  • Telephone and email support during business hours
  • Customised reporting
  • Dedicated relationship manager

For more information on how we can customise a corporate solution, please visit our Corporate Solutions page.

Can I customise a training plan to meet my organisation compliance requirements?
Absolutely. Contact us on +61 2 9233 2000 to customise a training plan for your organisation.