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ASIC Ongoing Training Requirements

Retail advisors and responsible officers must complete an annual Continuing Professional Development training plan. This may include training to update knowledge in areas where there is continual change, e.g. legislation, regulatory policies/guidelines, economic and financial developments, new products and new market practices. If the representative is taking on a new job role their CPD can cover study towards qualifications that develop competencies in these new areas. For example a Tier 2 adviser may upgrade to Tier 1.

There is no minimum number of hours per annum that an advisor should spend on CPD. The time required will vary according to the activities they perform. Licensees are able to nominate an appropriate figure for Tier 2 or Tier 1 advisers but ASIC have indicated that the NIBA College CPD requirements are suitable guidelines for broker representatives.

NIBA has set a minimum of 25 hours of CPD to be undertaken annually by individual College members. At least 17.5 hours of the total must be structured training. NIBA College CPD includes details of the range of training topics and formats that count towards the annual CPD requirement.

There are many training resources licensees and representatives can use to fulfil the annual CPD requirement. NIBA College continuing professional development programs are available to members and non-members. However, NIBA members receive special discounts on all training program fees.

Training plans can be organised for a whole group of representatives. However, licensees still need to monitor individual learning outcomes to identify if individuals within the group require a variation to the group training plan.