All financial advisers are required to participate in development programs and activities that ensure they maintain and extend their professional capabilities, knowledge and skills including keeping up to date with all regulatory, technical and other developments relevant to professional financial advice.
Because provisional relevant providers are required to complete structured training as part of their professional year requirements, during that period they are not required to meet the continuing professional development standard.
Financial advisers are required to complete 40 hours of continuing professional development each continuing professional development year. The Minister does not approve the required professional development activities. Licensees are responsible for approving at least 70 per cent of activities, (including a maximum four hours of professional reading).
The minimum hours for continuing professional development across the mandatory categories are:
- Technical – five hours
- Client Care and Practice – five hours
- Regulatory Compliance and Consumer Protection – five hours and
- Professionalism and Ethics – nine hours
The balance up to 40 hours must consist of qualifying continuing professional development. More information about the standard can be found in the Corporations (Relevant Providers Continuing Professional Development Standard) Determination 2018.
Qualified tax relevant providers have an additional five hours each year of continuing professional development requirements to maintain their capabilities to provide tax (financial) advice services. These supplementary requirements apply to continuing professional development years that begin on or after 1 January 2023. These requirements replace the obligations previously imposed by the Tax Practitioners Board.
Licensees are able to determine how record keeping of continuing professional development (CPD) activity is maintained, including developing templates and systems if required.