- This topic has 7 replies, 7 voices, and was last updated 8 years, 7 months ago by KMack.
February 2, 2011 at 12:36 am #2213
Responsible managers are required to undertake 20 hours of CPD per year. The following activities may be counted towards CPD:
a) attendance at relevant professional seminars or conferences;
b) preparation time for presenting at relevant professional seminars or conferences;
c) publication of journal articles relevant to the credit industry;
d) viewing DVDs of recent (within the last year) professional seminars or conferences (up to a maximum of 10 hours per year); and
e) completion of online tutorials and/or quizzes on recent (within the last year) regulatory, technical or professional developments in the industry.
Responsible managers of licensees who provide mortgage broking services are required to have completed a Certificate IV in Financial Services (Finance/Mortgage Broking) by 30 June 2014. A mortgage broking service is credit assistance provided in relation to a credit product where the credit is secured by real property.
Representatives who provide mortgage broking services will also be required to have a completed a Certificate IV in Financial Services (Finance/Mortgage Broking) by 30 June 2014.
ASIC considers it appropriate that those representatives providing mortgage broking services should also undertake 20 hours of CPD per year. For other representatives, between 10 and 30 hours of CPD per year is standard.
Author: Kathryn WardrobeAugust 31, 2011 at 1:27 am #3054
Would the 20 hours of CPD for a credit representative form part of the 30 hours of CPD for an authorised representative, or in addition – ie 50 CPD per annum for an adviser providing credit and financial advisory services?September 1, 2011 at 6:14 am #3058
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 WardrobeCo-contributor: Sarah HolleyFebruary 20, 2013 at 2:42 am #3140
Hi Paul/Kath/Sarah,Quick query. Is it a minimum requirement for individuals who are in a back office/credit support role only to complete the Certificate IV in Credit Management by 2014?Thanks,RusFebruary 21, 2013 at 11:14 pm #3141
There is no requirement under the transitional provisions requiring the completion of Certificate IV in Credit Management. The transitional arrangements mainly relate to responsible managers and representatives. You can find all the information in ASIC’s Regulatory Guide 206.
Feel free to contact us if you require further information.November 18, 2013 at 1:56 am #3598
Hoping you may be able to provide some brief clarity around the requirement for RM’s and Reps who provide third party home loan credit assistance to have “at least” a Cert IV in Finance and Mortgage Broking by 30 June 2014.
For an RM and Auth Reps within a dual AFSL/CL licensee which primarily provides financial services and not credit services, does “at least” mean that a higher level (but not credit-industry-specific) qualification eg Degree/CA/CPA is sufficient or does it literally mean that each of these people must also complete an industry-specific Cert IV? Thanks for your time.November 19, 2013 at 1:35 am #3599
RMs and representatives who provide third party home loan credit assistance are required to have at Finance and Mortgage Broking qualification to least a Certificate IV by 30 June 2014. This is a specific qualification and having a higher level qualification in a difference discipline will not be sufficient.
Feel free to contact us if you require further information.
Author: Michelle ChasserNovember 25, 2013 at 12:15 am #3600
Thank you – very clear!