| Portfolio news - useful insights and information
VOCATIONAL EDUCATION UPDATE
by: Cara Edwards
For those that are not aware, every RTO has to submit their 2008 completion data to their registering body between now and end of June 2009. This is a requirement for maintaining registration as it is one of the three Quality Indicators. NCVER has developed online software called Competency Completion Online Software (CCOS) to assist RTOs. The RTO must:
- Enter/import their 2008 completion data into the NCVER online software
- Generate reports from the software
Send the reports to their registering body for more informatition about this software and NCVER visit www.ncver.edu.au
PLANNING YOUR DEVELOPMENT STRATEGY – what Protocol Are You Using?
by: Mike Salter
Most learning organisations use a protocol to help direct the strategy development process. As a facilitator involved with helping organisations plan their future training priorities, I have found that the standard marketing analysis tool alone doesn’t go far enough to achieve a comprehensive approach to planning and strategy development.
The SWOT, Pestle and Porters analysis tools are all very effective weapons in helping organisations understand the challenges they face and the skills they need for the future. But what else do we need to consider as we analyse our environment and plan our future development activity and resource deployment?
To read full article (Planning Your Development Strategy)
CHANGES TO CPD - An announcement from the FPA
By: Cara Edwards
The FPA is pleased to release changes to its Continuing Professional Development (CPD) Policy. This policy presents a new way forward for professional development in the financial services industry and has been designed to offer members both a more rewarding and a wider range of educational options that will assist them to maintain their professional proficiency and status.
Background to the Development of the 2009 CPD Policy
The Financial Planning Association (FPA) introduced in 2007 a new, structured professionalism framework to demonstrate the financial planning profession’s commitment to best practice. It’s a framework that’s designed to continue to build the trust and respect of all stakeholders including FPA members, regulators and the community.
The framework has three pillars:
- Professional membership – ensuring that only the right people can become members of the FPA.
- Professional conduct – ensuring members adhere to the high standards set for the profession and that they are supported in following professional ideals.
- Professional accountability – protecting the reputation of all members by putting in place an independent, peer-driven disciplinary mechanism.
The FPA’s view is that the profession of financial planning is bigger than the limiting and narrow focus of regulatory compliance (or RG146) and that our members deserve professional development that encourages them to perform better and grow in their professional life.
In the 2009 CPD Policy the FPA has purposely moved beyond the competency areas identified in RG146 and instead broadened its definition of professional development to encapsulate a more complete and dimensional model of what it means to be a professional. The Professional Dimensions model will encourage members, educators and employers to identify, develop and undertake more meaningful development opportunities that will add real value to personal and professional growth.
For more information download the new CPD policy
To find out more about how this will affect you come to the AFSE What's new with CPD session in June.
PROPOSED NATIONAL CREDIT REGIME
Nick Sherry, Minister for Superannuation and Corporate Law, released draft legislation for public comment on 27 April, 2009, to introduce a new national consumer credit regime. This legislation takes a further step towards creating a single, standard and nationally consistent corporate and financial services regime for Australia. The new regime proposes that the Commonwealth assumes responsibility for the regulation of consumer credit and a related cluster of additional financial services. We understand that the package will be implemented using a two-phased approach.
Phase one of the implementation plan includes:
- enacting the existing Uniform Consumer Credit Code as Commonwealth legislation
- extending the scope of credit products covered to regulate the provision of consumer mortgages over investment properties
- extending the operation of the Corporations Act 2001 (C’th) to cover margin lending
- establishing a national licensing regime to require providers of consumer credit and credit-related brokering services and advice to obtain a licence from the Australian Securities and Investments Commission (ASIC)
- requiring licensees to observe responsible lending practices
- extending the powers of ASIC to be the sole regulator of the new national credit framework and enhancing enforcement powers
- strengthening the regulation of consumer credit contacts by significantly increasing the thresholds under which consumers can request changes to certain credit contacts terms on the grounds of hardship
- requiring mandatory membership of an external dispute resolution body by all providers of consumer credit and credit-related brokering services and advice
- regulating trustee corporations
The government intends that legislation to implement these phase-one changes will operate from 1 November, 2009.
Key elements of phase two of the plan include:
- enhancing specific conduct obligations to stem unfavourable lending practices
- regulating the provision of credit for small businesses
- regulating investment loans (other than margin loans and mortgages for residential investment properties)
- reforming mandatory comparison rates and default notices and enhancing the regulation and tailored disclosure of reverse mortgages
Further details of the national consumer credit package, including the full text of the Bills and details about how to make a submission on the Exposure Draft legislation can be found at www.treasury.gov.au/consumercredit.
EDUCATION TRENDS IN FINANCIAL PLANNING - A Survey
By Anna Boyd-Boland
Recently the AFSE supported a Kaplan survey into the trends surrounding education in our industry. The purpose of the survey was to explore current attitudes and expectations of both planners and financial educators in the market and to provide a benchmark of data from which we can monitor changes year on year.
Two surveys were used to collect data.(one for financial planners/advisers and one for training/HR managers /owners/principles) These surveys were conducted in April by financial services education provider, Kaplan Professional in partnership with the Association of Financial Services Educators (AFSE), Association of Financial Advisors (AFA) and Growth Focus Financial Planning Recruitment.
The survey marks an important first-step in painting a clearer picture of the education and training expectations for the financial planning industry. Industry sentiment appears positive, with education and training certainly on the radar over the coming year.
Results and comments from the AFSE will be released in the media
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