Four Australian financial advisers have been reprimanded after being brought before the Financial Services and Credit Panel (FSCP) for failing to comply with their continuing professional development (CPD) requirements.
The Australian Securities and Investments Commission (ASIC)’s panel decided to give four advisers reprimands, while taking no action against a fifth adviser.
In a statement, ASIC said that CPD is “not merely a compliance obligation to tick off, it is important to maintain competency and improve knowledge and skills.”
It said it will continue to act where financial advisers fail to comply with, or disregard their CPD requirements, including issuing a warning or reprimand or referring financial advisers to the FSCP.
All relevant providers must complete a minimum of 40 hours during their licensee’s CPD year. They can participate in programmes to ensure they maintain and extend their professional capabilities, knowledge and skills – including keeping up to date with all regulatory, technical and other developments relevant to financial advice.
