Financial planners to develop beyond compliance
The Financial Planning Association of Australia (FPA) expects members to embrace higher-level training and professional development standards from July 1 when its new continuing professional development (CPD) policy comes into force.
The FPA board signed off on the policy this month after a year of consultation with members and stakeholders.
Described as “clear recognition” of the limitations of ASIC’s training standards set out in policy paper RG146, the new FPA program provides a broader and more rigorous framework for members to undertake ongoing professional development.
FPA CEO Jo-Anne Bloch says that until now CPD in the financial planning industry has very much relied on meeting RG146 requirements and has therefore been “tick-box compliance focused”.
“We’ve now said to members we will accredit and provide CPD points for a much broader range of activities, and we’ve also talked to education providers and professional development providers to deliver those activities,” she told insuranceNEWS.com.au.
She says CPD points will be gained through a mix of activities, with one point not necessarily equalling one hour. Going to one conference won’t provide all a member’s CPD points for the year.
“For example, a lot of our members are mentors to younger financial planners,” Ms Bloch said. “You can register that mentoring activity and, based on it being legitimate, we will give you CPD points according to a formula.”
She says feedback throughout the consultation process was overwhelmingly positive and that members don’t see the new regime as a burden.
“It’s the same number of points – you just have to do it differently. I think people are bored with the array of CPD training that’s available.”
The FPA board signed off on the policy this month after a year of consultation with members and stakeholders.
Described as “clear recognition” of the limitations of ASIC’s training standards set out in policy paper RG146, the new FPA program provides a broader and more rigorous framework for members to undertake ongoing professional development.
FPA CEO Jo-Anne Bloch says that until now CPD in the financial planning industry has very much relied on meeting RG146 requirements and has therefore been “tick-box compliance focused”.
“We’ve now said to members we will accredit and provide CPD points for a much broader range of activities, and we’ve also talked to education providers and professional development providers to deliver those activities,” she told insuranceNEWS.com.au.
She says CPD points will be gained through a mix of activities, with one point not necessarily equalling one hour. Going to one conference won’t provide all a member’s CPD points for the year.
“For example, a lot of our members are mentors to younger financial planners,” Ms Bloch said. “You can register that mentoring activity and, based on it being legitimate, we will give you CPD points according to a formula.”
She says feedback throughout the consultation process was overwhelmingly positive and that members don’t see the new regime as a burden.
“It’s the same number of points – you just have to do it differently. I think people are bored with the array of CPD training that’s available.”