CPD FAQs

From 1 January 2019 Stockbrokers and Financial Advisers who are Relevant Providers must undertake Continuing professional development (CPD) under section 921B of the Corporations Act 2001 (see subsection 921B(5) of the Act).

 

The minimum number of hours of qualifying CPD activities that a relevant provider must complete during a CPD year is 40. However, in special circumstances if the relevant provider is working part-time for the whole of the CPD year, with the prior written consent of the responsible licensee the minimum number of hours is 36.

 

CPD activities must include:

(a) a minimum of 5 hours in the CPD area of technical competence; and

(b) a minimum of 5 hours in the CPD area of client care and practice; and

(c) a minimum of 5 hours in the CPD area of regulatory compliance and consumer protection; and

(d) a minimum of 9 hours in the CPD area of professionalism and ethics.

 

What are Qualifying CPD activities?

The following requirements are to be satisfied:

 

(a) the activity is in one of the CPD areas in the table below;

 

(b) the activity has sufficient intellectual or practical content;

 

(c) the activity primarily deals with matters related to the provision of financial product advice, financial advice services and financial advice business;

 

(d) the activity is led or conducted by 1 or more persons who are appropriate, and have sufficient standing, expertise, academic qualifications and/or practical experience;

 

(e) the activity is designed to enhance relevant providers’ knowledge and skills in areas that are relevant to the provision of financial product advice and financial advice services.

 

(Note: Paragraph (1)(d) does not apply to an activity that consists of professional or technical reading).

 

CPD Area Content of CPD activity Minimum hours
Technical competence The activity is designed to enhance participants’ technical proficiency and ability to develop and provide advice strategies that are appropriate to the objectives, financial situations and needs of different classes of retail clients 5 hours per annum
Client care and practice

The activity is designed to enhance participants’ ability to act as a client-centric practitioner in advising retail clients.

 

5 hours per annum
Regulatory compliance and consumer protection The activity is designed to enhance participants’ understanding of applicable legal obligations and how to comply with them. 5 hours per annum
Professionalism and ethics

The activity is designed to enhance participants’ capacity to act as an ethical professional.

 

9 hours per annum
General The activity is designed to maintain and extend participants’ professional capabilities, knowledge and skills, including keeping up to date with regulatory, technical and other relevant developments, but is not in an area referred to in another item of this table.  

 

A responsible licensee must approve qualifying CPD activities.

 

 

Will I receive CPD for completing  my Margin Lending Accreditation? Will I get CPD points for successfully completing it?

Please refer to the following table (which is found in the Student Handbook) which refers to suggested study time for each accreditation and CPD point allocation for each accreditation.

Accreditation Recommended Study Hours (for total program) Continuing Professional Development (CPD) Allocation
Core 1 Allow up to 150 hours 20 hours of CPD (in Technical competence and/or Regulatory compliance and consumer protection)
Core 2 Allow up to 80 hours 20 hours of CPD (in Technical competence and/or Regulatory compliance and consumer protection)
Superannuation Allow up to 150 hours 20 hours of CPD (in Technical competence and/or Regulatory compliance and consumer protection)
Derivatives Allow up to 150 hours 20 hours of CPD (in Technical competence and/or Regulatory compliance and consumer protection)
Managed Investments Allow up to 75 hours 10 hours of CPD (in Technical competence and/or Regulatory compliance and consumer protection)
Securities Allow up to 75 hours 10 hours of CPD (in Technical competence and/or Regulatory compliance and consumer protection)
Margin Lending Allow up to 90 hours 10 hours of CPD (in Technical competence and/or Regulatory compliance and consumer protection)

 

If I attend the Annual Stockbrokers And Financial Advisers Conference will I receive CPD points?

Yes, in the conference registration booklet we will clearly identify the program and the number of CPD hours, including the CPD areas that will be allocated for each of the conference sessions.

 

Some of my staff are planning to undertake the FPA’s CFP or CFA Program. Will these qualify as CPD?

On successful completion – yes.

 

Our firm produces a number of technical market commentaries. Will reading these be counted as CPD?

No more than 4 hours of an activity that consists of professional or technical reading may be counted towards a relevant provider’s compliance requirements.

 

We attend presentations from companies such as pre-float presentations. Will these count for CPD?

No

 

We have been approached by a bank who provides a margin lending product. They want to present to our staff. Will this produce CPD hours?
A responsible licensee must approve qualifying CPD activities.  Our position is that if the presentation is simply product selling, then no CPD hours should be issued at all. If there is a learning outcome, i.e. the provider has a Q and A which they collect and check off, then it should qualify as CPD.

 

I understand there are commercially available online CPD training programs available where you read an article and answer some questions. Will these count towards CPD?

A responsible licensee must approve qualifying CPD activities.  Our position is that this does not meet all of the requirements.  It would however possibly count towards the no more than 4 hours of an activity that consists of professional or technical reading that may be counted towards a relevant provider’s compliance requirements in any one year.

 

How many CPD hours can I claim upon successful completion of the National DTR Accreditation?

Candidates who successfully complete the National DTR Accreditation (online exam + oral assessment) may claim up to 10 hours of Continuing Professional Education (CPD). These hours may be claimed in the CPD area of Technical competence or Regulartory compliance and consumer protection, or General.