Continuing Professional Development

1.Overview

Smith Coffey has an obligation to ensure that all representatives are adequately trained, and are competent, to provide those financial services: section 912A(1)(f) of the Corporations Act 2001.

Additionally, Smith Coffey has an obligation to ensure that all Relevant Providers meet the requirements for continuing professional development (CPD) set by the Financial Adviser Standards and Ethics Authority Limited (FASEA): section 921B(5) of the Corporations Act 2001.  The mandatory CPD requirements are outlined in the Corporations (Relevant Providers Continuing Professional Development Standard) Determination 2018.  This CPD Policy addresses Smith Coffey’s policy on training of its Relevant Providers.

A relevant provider (Relevant Provider) is an individual authorised to provide personal advice to retail clients in relevant financial products.  Relevant financial products are all financial products except basic deposit products, general insurance products, consumer credit insurance or a combination of any of these products.

2.Policy Statement

Smith Coffey ensures that all Relevant Providers are competent in their roles.  A Relevant Provider’s qualifications are initially assessed as part of the Recruitment Policy.

Smith Coffey’s CPD year is between 1 July and 30 June (CPD Year).  Each Relevant Provider is required to have a CPD Plan that complies with the FASEA standards prior to the start of each CPD Year.  A copy of the CPD Plan is to be provided to Smith Coffey.  Smith Coffey is responsible for ensuring that each Relevant Provider complies with the CPD Plan.

Smith Coffey will assess and approve at least 70% of all CPD activities undertaken by Relevant Providers.

Relevant Providers who are members of industry associations are required to meet the associated training requirements for those industry associations and to maintain appropriate records.

A Relevant Providers who is also a registered tax (financial) adviser must also obtain a minimum of 60 hours of CPD over a 3 year period, generally in line with the relevant provider’s registration period with the Tax Practitioners Board (TPB).  The TPB considers that at least 7 hours of relevant CPD should be completed in any given year.

Non-Advice Providers are provided with on-the-job training but will not be required to have a formal training plan.  Where there is a gap in skills or knowledge of the non-Advice Provider, further training will be provided either internally or externally.

3.Commitment

Compliance Team is responsible for monitoring a Relevant Provider’s CPD and ensuring that non-Advice Providers are competent in their roles.

This CPD Policy will be reviewed annually.