AJ FINANCIAL PLANNING PTY LTD

ABN 61 147 115 026
AFSL 387267

CONTINUING PROFESSIONAL DEVELOPMENT POLICY

  1. INTRODUCTION

AJ Financial Planning Pty Ltd (“responsible licensee”) is an Australian financial services licensee. The responsible licensee authorises representatives (each a “relevant provider”) to provide personal advice to retail clients in relation to financial products, within the scope of the responsible licensee’s Australian Financial Services Licence.  The responsible licensee and relevant providers have responsibilities in relation to continuing professional development.

  1. PURPOSE

The purpose of the Continuing Professional Development Policy (“Policy”) is to establish a Continuing Professional Development Policy in accordance with the Corporations (Relevant Providers Continuing Professional Development Standard) Determination 2018) (“Determination”) and to facilitate compliance with the Determination.

  1. COMMENCEMENT

The Policy was adopted by the responsible licensee and given to relevant providers on the date of this document. The Policy applies from that date.

  1. SCOPE

The Policy applies to relevant providers of the responsible licensee. It provides guidance to relevant providers about their responsibilities in relation to continuous professional development and the support available from the responsible licensee.

  1. AMENDMENT AND PUBLICATION

The responsible licensee may amend the Policy in writing from time to time. The current version of the Policy at any given time is the version published on the responsible licensee’s website at www.ajfp.com.au.

  1. CPD YEAR

For the purpose of the Policy and Determination, the responsible licensee’s CPD year commences on 1 July and ends on 30 June each year. The responsible licensee’s first CPD year commences on 1 July 2019.

  1. INTERPRETATION

The following expressions used in the Policy are defined in the Determination and/or the Corporations Act 2001 (Cth): CPD; CPD area; CPD plan; CPD policy; CPD year; education provider; professional association; qualifying CPD activity; relevant provider; responsible licensee and retail client.

  1. OVERALL APPROACH TO CPD OBLIGATIONS

Overall obligations of responsible licensee

The responsible licensee seeks to satisfy itself that the knowledge and skills of its relevant providers are appropriate and current for the professional services that the relevant provider delivers. It does so consistently with this Policy by:

  • assessing and approving qualifying CPD activities;

  • informing relevant providers of approved CPD activities;

  • providing a template (including reflection questions) to assist relevant providers to identify development areas and to prepare a complying CPD plan;

  • discussing proposed CPD plans with relevant providers annually;

  • assessing proposed CPD plans annually and approving CPD plans that comply with the Determination;

  • monitoring implementation by relevant providers of their CPD plan;

  • providing financial and other support to facilitate completion of qualifying CPD activities by relevant providers;

  • making available an electronic database to enable relevant providers to record and maintain evidence of completion of qualifying CPD activities, and of the outcomes of those activities (“CPD register”); and

  • checking compliance with the Policy and the Determination.

Overall obligations of relevant providers

Relevant providers must:

  • prepare a CPD plan for each CPD year that complies with the Determination;

  • give the CPD plan to the responsible licensee, and discuss it with the responsible licensee by arrangement, to facilitate assessment and approval of the CPD plan by the responsible licensee before the relevant CPD year commences;

  • identify the specific qualifying CPD activities to be completed by the relevant provider to achieve the objectives of their CPD plan

  • ensure that those CPD activities are completed with successful outcomes;

  • record, and maintain evidence of, completion of qualifying CPD activities and the outcomes of those CPD activities, on the CPD register (including uploading documentary evidence, where applicable); and

  • otherwise provide information, documents and assistance required for the responsible licensee to assess, and ensure, compliance with the Policy and Determination. 

  1. MONITORING IMPLEMENTATION OF CPD PLANS

The responsible licensee will monitor the CPD register from time to time to assess implementation by each relevant provider of their CPD plan. 

  1. ASSESSMENT AND APPROVAL OF CPD ACTVITIES

The responsible licensee assesses and approves CPD activities as required by the Determination. The responsible licensee will inform relevant providers (usually in writing) of the CPD activities it approves from time to time.   

The responsible licensee assesses CPD activities by reference to a range of factors, and will not approve a CPD activity unless it is satisfied that: 

  • the activity is a ‘qualifying CPD activity’ within the meaning of the Determination;

  • the activity is in at least one of the CPD areas defined in the Determination;

  • the activity has sufficient intellectual or practical content of relevance to the business carried on by the responsible licensee or to advice or services which the responsible licensee provides or is permitted to provide;

  • the activity mainly deals with the provision of financial product advice, financial advice services and/or financial advice business;

  • the activity (unless it is technical or professional reading) has been developed and technically checked (in the case of online activities) or is led, conducted or delivered (in the case of other activities) by a person or person who is appropriate and has appropriate academic qualifications, industry and practical expertise; and

  • the activity is designed to enhance relevant providers’ knowledge and skills in areas that are relevant to the provision of financial product advice and financial advice services which the responsible licensee provides or is permitted to provide.

In assessing and approving of CPD activities, the responsible provider may have regard to factors such as whether the education or training is provided or approved by an education provider or professional association.

The responsible licensee will attribute time / hours to the approved CPD activities. This assessment will be based on information supplied by, or obtained from, the provider of the CPD activity.

  1. ENSURING COMPLETION OF APPROVED CPD ACTIVITIES

The responsible licensee will implement a combination of measures to ensure that at least 70% of the minimum number of hours of qualifying CPD activities to be completed by a relevant provider during a CPD year, are spent on qualifying CPD activities approved by the responsible licensee:

  • informing relevant providers of the CPD activities that are approved and of the time / hours attributed to the CPD activities;

  • subscribing for online access to approved CPD activities and providing resources to enable relevant providers to complete approved CPD activities online;

  • providing financial and other support to facilitate completion of approved CPD activities;

  • monitoring the CPD register to assess completion of approved CPD activities;

  • informing relevant providers about the status of their approved CPD activities against target;

  • requiring relevant providers to comply with the CPD plan (including the target for approved CPD activities) as part of their contractual obligations; and

  • addressing compliance with the CPD plan (including the target for approved CPD activities) in the annual performance evaluation process for relevant providers.

  1. CHECKING COMPLIANCE WITH CPD POLICY AND THE DETERMINATION

The responsible licensee will engage an external consultant to monitor and report to the Board of the responsible licensee on compliance with the Policy and the Determination by the responsible licensee and its relevant providers. 

In addition, the responsible licensee will monitor compliance by its relevant providers with the Policy and the Determination by:

  • monitoring the CPD register;

  • informing relevant providers about the status of their approved CPD activities against target;

  • requiring relevant providers to comply with the Policy and the Determination as part of their contractual obligations; and

  • addressing compliance with the Policy and the Determination in the annual performance evaluation process for relevant providers.

  1. RECORDING COMPLETION AND OUTCOME OF CPD ACTIVITIES

Relevant providers must complete the CPD Register as soon as possible following completion of a CPD activity.  The CPD register will require completion of at least the following information:

  • the name of the CPD activity undertaken;

  • the date the CPD activity was undertaken;

  • whether or not the CPD activity was an approved CPD activity;

  • the CPD area/s to which the CPD activity relates;

  • the number of hours attributed to each CPD area;

  • the number of hours attributed to (or spent on) the CPD activity in total;

  • whether or not the CPD activity constituted technical or professional reading;

  • evidence of completion of the activity;

  • evidence of the outcomes of the activity; and

  • the progress of implementation of the provider’s CPD plan.

  1. ENSURING COMPLETION OF RECORDS

The responsible licensee will engage an external consultant to monitor and report to the Board of the responsible licensee on compliance with the Policy and the Determination by the responsible licensee and its relevant providers. 

In addition, the responsible licensee will monitor compliance by its relevant providers with the requirement to maintain records by:

  • monitoring the CPD register for completion of information requirements and provision of required documentary evidence;

  • informing relevant providers of any concerns about record keeping;

  • requiring relevant providers to comply with the record keeping requirements of the Policy and the Determination as part of their contractual obligations; and

  • addressing compliance with the record keeping requirements in the annual performance evaluation process for relevant providers.

  1. ASSESSMENT AND APPROVAL OF CPD PLANS FOLLOWING RESUMPTION OF PRACTICE AFTER A CAREER BREAK

The responsible licensee will seek to satisfy itself that the knowledge and skills of its resuming relevant providers are appropriate and current for the professional services that the relevant provider is to deliver.

The responsible licensee will:

  • Discuss the Policy and the Determination with the resuming relevant provider;

  • require the resuming relevant provider to identify development areas in writing;

  • require the resuming relevant provider to prepare a written CPD plan;

  • discuss development areas and the proposed CPD plan with the resuming relevant provider; and

  • assess and approve the proposed CPD plan.

END