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Your CPD Flight Plan: Will you log 60 hours before June 2020?

Your CPD Flight Plan: Will you log 60 hours before June 2020?

  • Advice Governance, Ethics & Professionalism, Recordkeeping & Evidence
Your CPD Flight Plan: Will you log 60 hours before June 2020?
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New CPD Standard

In a previous article we discussed the need for Licensees to change CPD mid-flight in order to comply with the new FASEA CPD Standard which was brought in 1 January 2019.

No doubt you have been beavering away under the transition plan which means you are roughly T – 185 days away from checking in 60 hours by the 30 June 2020. From 15 November 2019 you are required to report to ASIC your CPD Plan, CPD Year and any instances of non-compliance.

Licensees will need to ensure the 60 hours of CPD activity is mapped to the following FASEA Competency areas:

1 January 2019 – 30 June 2019 – 20 HOURS

Type of activity:

1.      14 hours accredited* with no more than 2 hours professional or technical reading

2.      6 hours of non-accredited

 FASEA CPD Competency areas:

  • Min 2.5 hours Technical: acting as a technically proficient professional
  • Min 2.5 hours Client care and practice: acting as a client centric practitioner
  • Min 2.5 hours Regulatory compliance and consumer protection: acting as a legally compliant practitioner
  • 4.5 Professionalism and Ethics: acting as an ethical professional
  • 8 hours General

 The balance up to 20 hours will consist of qualifying CPD for example, technical competence or industry specialisation. You will need to maintain ASIC knowledge and skill requirements.

1 July 2019 – 30 June 2020 – 40 HOURS

Type of activity:

1.      70% or 28 hours accredited* with no more than 4 hours professional or technical reading

2.      30% or 12 hours of non-accredited

 FASEA CPD Competency areas:

  • Min 5 hours Technical: acting as a technically proficient professional
  • Min 5 hours Client care and practice: acting as a client centric practitioner
  • Min 5 hours Regulatory compliance and consumer protection: acting as a legally compliant practitioner
  • 9 hours Professionalism and Ethics: acting as an ethical professional
  • 16 hours General

 The balance up to 40 hours will consist of qualifying CPD for example, technical competence or industry specialisation. You will need to maintain ASIC knowledge and skill requirements.

Information to provide to ASIC from 15 November 2019

Luckily most Licensees are across these requirements and are operating under their CPD Policy which had to be in place by 31 March 2019 and are tracking to their individual CPD plan, also effective 31 March 2019. And most are comfortable meeting the reporting requirements which became effective 15 November 2019 for the purpose of updating the Financial Advisers Register (FAR).

The relevant CPD information you will need to provide to ASIC from 15 November 2019 includes:

1.     CPD start date: Information about the AFS Licensees CPD Year i.e. start date of  your Continuing Professional Development (CPD) year

2.     CPD compliance: if your advisers have failed to meet their annual requirements for continuing professional development (CPD).

For more information please refer to ASIC’s site.

Christmas has come early for those of you working through the course requirements of your education pathway.

Per the FASEA CPD Standard you will be able to count formal relevant education (provided by an Education Provider) including degree and equivalent study (such as bridging courses and approved degree studies) and any formal study towards other qualifications and designations to a maximum of 30 CPD hours per year.

For those of you not studying and looking for some relevant and engaging training, why not check out our course catalogue. Our suite of workshops – mapped against FASEA’s requirements – will provide you with the skills, strategies and techniques necessary to thrive in a complex and frequently changing industry.

Technical Competence

  • Mind the Gap: Personal v General Advice
  • Focus: Personal Advice Fundamentals
  • Application: Personal Advice Construction
  • Leadership: Responsible Manager Training

Client Care and Practice

  • Best Interests and better advice
  • Delivering Customer Needs
  • Customer Complaints & Conflict Resolution
  • Building rapport and managing effective relationships
  • Clear, concise and effective presentations 

Regulatory Compliance & Consumer Protection

  • Regulatory and Legal Obligations: Advice
  • Risk Management Fundamentals
  • Managing Issues, Incidents and Breaches
  • Privacy Fundamentals
  • Anti-Money Laundering and Counter Terrorism Financing
  • Anti-Bribery and Corruption

Professionalism and Ethics

  • Ethics and Governance
  • Ethical reasoning and professional communication

If you need assistance working out your flight plan, or need to engage in some further training, contact us, we are happy to help.

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Your CPD Flight Plan: Will you log 60 hours before June 2020?

  • Advice Governance, Ethics & Professionalism, Recordkeeping & Evidence

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