ASIC panel hits financial advisers for CPD non-compliance
Five financial advisers have fronted Australian Securities and Investments Commission (ASIC)-convened panels for failing to adhere to their continuing professional development (CPD) requirements.
The Financial Services and Credit Panel (FSCP) engaged in several sittings between March and May this year, and determined that four financial advisers would be given “reprimands” and no action would be taken against the other.
The decisions have been recorded on the FSCP Outcomes Register.
“ASIC reminds financial advisers that continuing professional development is not merely a compliance obligation to tick off, it is important to maintain competency and improve knowledge and skills,” a statement from the corporate regulator said.
“ASIC will continue to act where financial advisers fail to comply with, or disregard their CPD requirements, including issuing a warning or reprimand or referring financial advisers to the FSCP.”
The CPD requirements call for relevant providers to complete a minimum of 40 hours during their licensee’s CPD year across several mandatory categories, including:
- Technical Competence (5 hours);
- Client Care and Practice (5 hours);
- Regulatory Compliance and Consumer Protection (5 hours);
- Professionalism and Ethics (9 hours); and
- Tax (financial) advice (5 hours where the financial adviser is authorised to provide tax (financial) advice services to retails clients).
ASIC, what are your required CPD hrs pa per employee?
Politicians, what are your required CPD hrs pa?
Rest of Canberra’s Bureaucrats, what are your required CPD hrs pa per employee?
Canberra if full of Lawyers, who have given themselves only 10hrs pa CPD and 1 hr compulsory Ethics CPD.
How is it that Financial Adviser have 4 times total hrs at 40 CPD pa and 9 times, 9 hrs Pa compulsory Ethics CPD.
NOT EQUITABLE OR ETHICAL CANBERRA.