Q. What is CPD? 

A. CPD stands for Continuing Professional Development. CPD ensures professionals have requisite skills, knowledge and understanding in the areas of conduct and competency to maintain professional standing within their industry.

Q. Is CPD Compulsory for all FINSIA Members?

A. 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.

Q. I am a Financial Advisor Member do I need to undertake CPD with FINSIA?

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.

Q. I am undertaking the FINSIA Professional Banking Fundamentals, do I need to complete CPD?

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

Once the PBF is completed then for the graduate to maintain their PBF 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.

Q. I am undertaking the FINSIA Certified Professional Banker, do I need to complete CPD?

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

Once complete then for the graduate to maintain their PBF 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.

Q. I am undertaking the Chartered Banker; do I need to complete CPD?

A. 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.

Q. I am not undertaking any FINSIA qualifications, do I need to complete CPD?

A. Yes, members (who are not students, retired or on a career break) 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.

Q. I have to complete CPD as part of requirements of FASEA, does FINSIA accept this?

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

Q. I am a retired member do I have to undertake CPD?

A. 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.

Q. I am a on a career break/parental leave do I have to undertake CPD?

A. 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.

Q. Why is FINSIA making CPD a requirement for members?

A. 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. 

Q. Will CPD be based on a calendar year?

A. 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.

Q. Do you pro-rata CPD?

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

Q. What constitutes structured and unstructured CPD?

A. Structured CPD is defined as activities with the express purpose of learning.

Unstructured CPD is defined as unplanned activities with no pre-determined learning objective or outcome.

Please click here for a complete list of structured and unstructured activities.  

Q. If I am undertaking a FINSIA qualification do I need to complete CPD?

A. No. The qualification is sufficient for undertaking your CPD for the year and may be taken into account the following year.

Q. When do I need to meet the new CPD requirements?

A. Members will need to undertake CPD as of January 31st 2019 and will have the year to meet their requirements.

Q. Do you offer a CPD log?

A. 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.

Q. Does all my CPD need to be with FINSIA?

A. 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.

Q. Do I need to provide evidence for CPD?

A. 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.

Q. Can i bulk upload my CPD completed throughout the year?

A. Currently, we do not have this functionality but we are working on this to be delivered as part of a Learning Management System due launching in 2020. 

Q. Will my CPD record be audited? 

A. Members are selected at random for audit per year. 

Q. How do I advise FINSIA that I have met my 14 hours CPD requirement?

A. 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.

Q. What will happen if I do not complete CPD?

A. FINSIA will have a phasing in period for CPD audit in the first year of implementation to ensure members are given ample opportunity, guidance and assistance in completing their requirements.

In 2020 FINSIA will implement 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.

FINSIA will undertake CPD reporting quarterly to assist and encourage members to complete their CPD requirements throughout 2019.

Q. What CPD opportunities does FINSIA offer to assist me in meeting my CPD requirements?

A. We offer a range of products and services that can assist our members such as: 

Professional Qualifications
Networking & CPD events including the complimentary Future of Finance roadshow
Video recordings previous signature events
Complimentary monthly webinars on a range of topics
Integrity in the Workplace workshop
FINSIA Publications – In Finance, The Standards and The Insights Review

Any CPD undertaken (apart from publications) with FINSIA is automatically recorded within member’s CPD records.

Q. What activities are not allowed to be recorded as CPD?

A. 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

Q. Can my company insist that I do more than the minimum set of FINSIA CPD requirements?

A. 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.

Find out more

If you would like more information about continuing professional development, please contact our team on: