Continuous Professional Development (CPD) is relevant knowledge or skills based training that enables professional standing to remain current in ever changing environments. It is a common requirement for disciplines such as Law, Medicine, Property Services, Government administration, and Financial Services.
As a Licensee (responsible manager), it is a requirement to engage in a minimum of 20 hours of CPD each year and to monitor and register the training, including the appropriate CPD hours of your representatives in relation to each individual’s role.
At MyFENG we understand that a broker’s time is valuable and limited. To assist in supporting the industry and facilitating a more flexible format, MyFENG has developed an online programme which is suitable for both home loan representatives and other consumer credit assistance roles. We are also happy to design bespoke courses for your specific requirements.
Call us or email to find out how we can best support your business.
The following activities may be counted towards CPD:
- attendance at relevant professional seminars or conferences;
- preparation time for presenting at relevant professional seminars or conferences;
- publication of journal articles relevant to the credit industry;
- viewing DVDs of recent (within the last year) professional seminars or conferences (up to a maximum of 10 hours per year);
- completion of online tutorials and/or quizzes on recent (within the last year) regulatory, technical or professional developments in the industry; and
- internal training on systems, procedures and policies relevant to the representative’s role(although activities in this category should not make up the majority of CPD hours).
Note: This is not intended to constitute an exclusive list of activities that may be counted towards CPD, and other types of activities may also be appropriate. Generally, we do not regard private study as adequate for the purposes of meeting the CPD requirements, unless it involves audio or visual material specifically designed for the purpose.
We provide an online tutorial/quiz on a monthly basis between February and November which satisfies the annual 20 hour requirement.
ASIC considers 20 hours to be an appropriate suitable minimum number of hours of CPD to undergo each year for representatives who provide home loan credit assistance.
As an alternative to the CPD requirement, representatives who only provide home loan credit assistance in relation to credit products offered by their own credit licensee may choose to complete a regular ‘knowledge update review’. Knowledge update reviews for this purpose should be administered by a registered training organisation (RTO) via a secure facility, and should test representatives’ knowledge of key regulatory and market developments, as relevant to their role and industry sector. Reviews should be completed every three years
We can undertake to design the “Knowledge Update Review” testing also. Call us for more information.