CPD “minimum standards” not enough
The financial services industry has been challenged to regain consumer and regulator trust by lifting the standard of its ongoing education and professional development courses.
Unveiling a policy paper on continuing professional development today, Financial Services Education Agency Australia (FSEAA) called on the industry to raise the standard of ongoing education beyond the minimum benchmark.
FSEAA general manager Deen Sanders says since the advent of the Financial Services Reform act (FSRA), the focus of the industry has been on compliance driven training.
Sanders says this has substantially damaged the quality and breadth of educational offerings in the market because the emphasis is purely on meeting minimum benchmarks.
He says this has not translated into consumer trust and confidence.
“It’s been a bit of a flight to the bottom line,” Sanders says.
“CPD has sometimes been as much about enjoyment and reward as it has been about building capability, we now need to put in place practices that deliver strong capabilities and a measurably professional workforce as their primary outcome,” Sanders says.
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