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
There is a gap in the market for Australian advisers to help individuals with succession planning as the country has been noted by Capital Group for being overly “hands off” around inheritances.
ASIC has cancelled the AFSL of an advice firm associated with Shield and First Guardian collapses, and permanently banned its responsible manager.
Having peaked at more than 40 per cent growth since the first M&A bid, Insignia Financial shares have returned to earth six months later as the company awaits a final decision from CC Capital.
Private market secondaries manager Coller Capital has unveiled a new education platform to improve advisers’ and investors’ understanding of secondaries.
