FPA revises acceptable CPD activities
The Financial Planning Association (FPA) has made a change to the activities it deems acceptable for its practitioner members to fulfil their continued professional development (CPD) obligations to include courses in personal development skills.
“Clearly, there is a need in financial planning for a range of personal skills which will better equip practitioners to nurture client relationships, business development and practice management capabilities,” FPA chief executive Jo-Anne Bloch said.
In making the amendment to CPD policy the FPA has attempted to establish a balanced approach and as such has specified that practising certified financial planners (CFP) can only earn a maximum of 15 CPD points via personal development training in accumulating their required total of 120 CPD points per triennium.
Also under the new rules, non-CFP practitioners can accumulate a maximum of nine CPD points on their way to making up the required total of 90 CPD points over a three-year period.
The FPA has also introduced a greater emphasis on ethics with members now having to achieve three CPD points addressing the subject per triennium, as opposed to one as was previously the case.
“This broadening of CPD policy recognises that financial planning requires a range of personal skills and professional attributes that are not limited to technical competence and professional knowledge,” Bloch said.
The review of the CPD process was conducted garnering feedback from more than 5,500 CFP and principal FPA members. Over 80 per cent of respondents favoured the move.
The changes are effective immediately for FPA members.
Recommended for you
An adviser has received a written reprimand from the Financial Services and Credit Panel after failing to meet his CPD requirements, the panel’s first action since June.
AMP has reported a 61 per cent rise in inflows to its platform, with net cash flow passing $1 billion for the quarter, but superannuation fell back into outflows.
Those large AFSLs are among the groups experiencing the most adviser growth, indicating they are ready to expand following a period of transition and stabilisation after the Hayne royal commission.
The industry can expect to see more partnerships in the retirement income space in the future, enabling firms to progress their innovation, according to a panel.
