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FBAA has stated that some training providers have misrepresented the requirements surrounding continuing professional development.
"With CPD being a fundamental requirement of most professions, there has been emergence of myriad of self-serving suppliers of CPD determined to portray their particular version or method of providing CPD as the most ‘correct’ or nearest the ‘authorised’ requirement for CPD," the FBAA said.
In reality, the association said, brokers do not need an RTO, aggregator or lender to endorse what can or cannot fulfill their CPD obligations. Rather, brokers are individually responsible for their CPD fulfillment.
"The responsibility for CPD for Finance Broking practitioners lies with the practitioner. Responsibility for lawfully adequate CPD cannot be ‘outsourced’ or ‘devolved’ to a supplier of CPD material and training," the association said.
#pb#The FBAA pointed out that RG206 does not state which suppliers can determine what constitutes appropriate CPD education. Instead, the guide sets parameters for lawful CPD, including:
• Attending relevant professional seminars and conferences
• Preparation time for presenting at such seminars and conferences
• Publication of journal articles relevant to the credit industry
• Viewing DVDs or other visual material of professional conferences or seminars that are not more than one year old. Webinars are similarly included within this category. A maximum of 10 CPD hours per annum may be sourced from this category
• Completion of online tutorials and/or quizzes (produced with the prior year) concerning regulatory, technical or professional developments within the finance industry
"I cannot stress enough however that there are many ways that you can meet your statutory CPD obligations- and that no person or entity (besides ASIC) is able to instruct you on how to meet your obligations nor endorse any particular method of meeting your obligations," FBAA president Peter White saidd.
