Continuing Professional Development (CPD)

No, CPD exemptions apply to students, retired and members on a career break.

CPD is compulsory for all other members depending on their membership category and whether they hold a FINSIA professional qualification. See the CPD Policy.

FINSIA acknowledges that our Financial Advisor Members are under a legal obligation to complete specific Continuing Professional Development requirements under FASEA and if registered as a tax (financial) advisor requirements under the TPB.

In most cases Financial Advisors will need to complete at least 40 hours of CPD per year that comply with FASEA’s CPD standard each year of which 70% must be approved by their licensee (including a maximum 4 hours of professional reading). The minimum hours for CPD across the mandatory categories are:

• Technical – 5 hours
• Client Care and Practice – 5 hours
• Regulatory Compliance and Consumer Protection – 5 hours and
• Professionalism and Ethics – 9 hours

The FASEA requirement is over and above the FINSIA CPD requirement so if members are completing their FASEA requirements then that will result in completing the FINSIA requirement.

A. For those signed up for the Professional Banking Fundamentals or the Certified Professional Banker in 2019 CPD for the year will automatically be awarded while undertaking the qualification. For those signed up in 2020 and beyond, CPD will be awarded on successful completion of each module.

Once the qualification is completed then for the graduate to maintain their post nominals (and remain a FINSIA member) they must complete a minimum of 14 hours CPD per year, a minimum of 10 of which is structured with a minimum of 1 hour in ethics and integrity and a maximum of 4 hours unstructured.

For the Chartered Banker (and CB by experience) there is no requirement to complete CPD while undertaking CB. Once complete to maintain their CB post nominals (and remain a FINSIA member) they must complete 35 hours per year, 21 structured and 14 hours unstructured with a minimum of 5 hours in ethics and integrity.

Yes, we will accept CPD completed under the requirements of FASEA.

If the retired member has a CBI or CISI qualification they must undertake CPD to maintain their graduate post nominals. Retired members who have not undertaken a qualification have no CPD requirement and are able to keep using their post nominals.

There is no CPD requirement for members without a qualification, and an exemption must be applied for in writing each year. If the member, wants to undertake CPD, this will be recognised. 

If the member has a CBI or CISI qualification an exemption will be granted for 1 year. 

If the member has been out of the industry for more than 1 year a competency assessment is required to maintain previous qualification post nominals.

Undergoing CPD will ensure members have requisite skills, knowledge and understanding in the areas of Conduct and Competency to maintain professional standing within the Financial Services Industry. CPD positively differentiates capability and builds greater confidence in the professional standing, credibility and integrity of membership. 

Yes. CPD will be based on a calendar year. If a member joins within 60 days of the end of the year, no CPD requirement until the following year.

CPD will be on pro-rata depending on the month the member joins. 

Yes, all members will have access to their own personalised CPD log as part of their membership. This can be accessed via the members portal. Any structured activities with FINSIA will be automatically recorded into the FINSIA log. 

No. FINSIA does not intend to duplicate requirements. FINSIA will recognise relevant internal training and other relevant external activities as long as it is relevant to your role. If a member already has a CPD requirement as part of maintaining their role FINSIA will determine that the CPD program meets FINSIA requirements and the CPD log already maintained can be uploaded.

Yes, any CPD outside of FINSIA activities will need to be uploaded into the CPD log. Sufficient evidence will only be required if you are selected for the annual Audit. Please see our Acceptable evidence guidelines.

Members are selected at random for audit per year. 

Successful completion of FINSIA CPD requirements must be ‘self-declared’ on an annual basis via the members portal in which FINSIA activities are automatically updated and you can upload external activities.

FINSIA has a non-compliance and disciplinary policy with potential consequences including loss of:

• Chartered Status
• Loss of graduate post nominals
• Loss of member post nominals

FINSIA will take every step to ensure that CPD is not onerous on our members. We will recognise organisational and external training if it relates to job role, FINSIA Knowledge Areas and/or FINSIA themes.

There are number of activities that cannot be recorded as CPD, which are listed below:

• Appraisals / one-to-ones / performance reviews
• Meetings where no measurable learning has taken place
• CPD undertaken that does not cover financial related subjects
• Activities that are part of the job role, rather than a learning activity
• Social events

Yes, some companies have a very explicit CPD requirement which goes further than the FINSIA CPD minimum requirements. We would recommend you check your company’s requirements when undertaking your CPD. Your company’s requirements, if higher, will supersede the FINSIA CPD requirements.