On 14 April, the panel reviewed concerns that a sitting provider had failed to comply with their requirement to complete 40 hours of continuing professional development (CPD) during their licensee’s CPD year.
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.
However, the panel decided 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.
A second instance of a relevant provider failing to meet their CPD qualification was recorded in August 2024, which also received no action.
This is the sixth time that the panel has opted to take no action regarding a matter since the body’s inception in 2023.
The FSCP acts as the single disciplinary body for financial advisers and consists of a chair, who is an ASIC staff member, plus at least two other members. Current members have experience from a wide range of fields, including financial markets, financial services law, accounting and companies.
Representatives from the financial advice space include former CountPlus chair Julie Berry, financial adviser and SMSF Association founder James Cotis, and Kaplan financial advice academic Jennifer Diggle.
