ASIC ongoing training requirements
Retail advisers and responsible managers must complete an annual continuing professional development (CPD) training plan. This may include training to update knowledge in areas where there is continual change, e.g. legislation, regulatory policies/guidelines, economic and financial developments, new products and new market practices. If the representative is taking on a new job role their CPD can cover study towards qualifications that develop competencies in these new areas. For example a Tier 2 adviser may upgrade to Tier 1.
There is no minimum number of hours per annum that an advisor should spend on CPD. The time required will vary according to the activities they perform. Licensees are able to nominate an appropriate figure for Tier 2 or Tier 1 advisers, but ASIC have indicated that the NIBA CPD requirements are suitable guidelines for broker representatives.
NIBA has set a minimum of 50 CPD points to be undertaken over a two-year period, with an average of 25 points to be completed annually, by individual NIBA members. At least 17.5 points of the annual total must be structured training.
Training plans can be organised for a whole group of representatives. However, licensees still need to monitor individual learning outcomes to identify if individuals within the group require a variation to the group training plan.