In its second action this month, an adviser has received a written reprimand from the Financial Services and Credit Panel (FSCP) for failing to meet his continuing professional development (CPD) requirements.
Marking the fifth such case this year, ASIC detailed an instance of a relevant provider, anonymised as Mr W, who failed to comply with their CPD requirements.
Financial advisers are required to complete 40 hours annually across technical competence, client care and practice, regulatory compliance and consumer protection, and professionalism and ethics.
The matter was referred to the sitting panel over concerns that the relevant provider had not completed the mandatory 40 hours of CPD for the CPD year ending 31 December 2024.
In this case, the sitting panel said it was “satisfied that the relevant provider had contravened s921BA(4) and s921E(3) of the Corporations Act, and that it was appropriate to issue a reprimand in the circumstances”.
On the same day as Mr W, another relevant provider, referred to as Mr M, was found by the panel to have breached his CPD requirements, resulting in a written reprimand.
There have been three prior instances of CPD contraventions that gained the FSCP’s attention in the past, with the most recent in May resulting in two advisers both receiving a reprimand.
In the case of Mr Q, the panel said that “formal admonishment of the relevant provider, by way of a reprimand, was required. There were no extenuating circumstances, and the relevant provider was tardy in rectifying their outstanding CPD hours”.
With the other relevant provider, in this instance, Mr X, the FSCP said he had “rectification of shortfall occurred within reasonable period of time”.
“However, the sitting panel considered that a reprimand was needed to emphasise the importance of CPD to maintaining the standards of the profession, as well as the public’s trust and confidence in the profession,” it added.
An earlier instance in April 2025 saw the panel decide that “no action was warranted because of the extenuating circumstances that led to the non-compliance”.
It stated the relevant provider understood their CPD requirements, had taken action to rectify the breach, and would comply with them in the future.
Prior to this, another relevant provider was also handed down a no-action result over a failure to meet their CPD requirements, with the panel believing there were “exceptional circumstances that led to the non-compliance”.
Next time I meet any peer at a adviser networking function, I will demand to see their CPD completion records, so I may cast judgement.
Good to see the FSCP focussing on the big issues. Don’t worry about First Guardian, Interprac, etc. Let’s make sure advisers don’t skimp on their CPD.
Yes, I agree. I suspect the Board are all paid well to do this – and that it seems is how Australia is run these days. Committees, boards etc – all experts at nothing much and making judgements on others.
Mr W
Mr M
Mr Q
Sounds like they are all from the James Bond licensee to me!