AMP advisers hit by CPD problems
AMP Limited has hit another advice road bump, confirming that it has had to revert to its old platform for handling financial adviser continuing professional development (CPD).
The company has confirmed to Money Management that it has delayed the roll-out of its new CPD/learning management system and reverted to its old platform known to advisers as *L@AMP.
The new platform had been aimed at adviser’s CPD obligations were calculated appropriately against the new standards imposed under the Financial Adviser Standards and Ethics Authority (FASEA) regime.
Money Management understands that the pre-existing portal was taken down from service on 30 August to allow a transfer to the new platform but that the it had become beset by problems and delays.
A number of AMP advisers told Money Management they had been concerned that the problems would hamper them in meeting their CPD obligations to FASEA.
They acknowledged that, while ultimately, it was the responsibility of the adviser to keep accurate records there had been reliance on AMP with respect to AMP-based webinars, Professional Development days and other training.
AMP is now expected to continue with its reliance on the old platform and move gradually to bring the new regime on line.
Recommended for you
ASIC has cancelled the AFSL of a Gold Coast advice firm, its tenth AFSL cancellation since the start of the year with the majority being advice firms.
Career changers, such as accountants and teachers, are a valuable demographic for potential advisers as industry commentators say adviser numbers are “not touching the sides” of consumer demand.
Financial advisers and wealth managers need to exceed their clients’ desires for personalisation, a new EY report writes, and the requirements for this will vary between client segments.
Betashares chief executive, Alex Vynokur, believes technology advancements will enable banks to return to financial advice in the future as the need for advice is greater than ever.
