The 20 hours of CPD for a credit representative will only form part of the 30 hours of CPD for an AR if:
- the subject matter of the course was relevant to both regimes (e.g. it was about risk management or other licensee obligations that are the same under both licences); and
- the imposer of that 30-hour requirement (the AFS licensee or a professional body) was willing to accept those credit “hours” as relevant. As you know, professional associations like the FPA usually only recognise CPD if an assessor “accredited” by the association is willing to sign off on the training. Otherwise, the 30-hour CPD requirement is just a figure that the AFS licensee has decided upon, so the requirements of them approving the training will be less stringent.
The two regulatory regimes impose similar obligations, but the products are obviously different. This means that, in practice, most advisers who are authorised under both the AFSL and ACL regimes will need to have separate training undertaken.
Feel free to contact us if you require further information.
Author: Kathryn Wardrobe
Co-contributor: Sarah Holley
