The numbers
ASIC adds that a licensee should document a suitable number of hours, and notes that between 10 and 30 hours a year is standard in other sectors.
The two sets of rules can both apply to you. If you are an MFAA member who writes third-party home loans, plan around whichever number is higher.
| Source | Who it applies to | Hours |
|---|---|---|
| MFAA membership | Members with loan writing status | 30 per renewal year |
| ASIC RG 206 | Third-party home loan representatives | At least 20 per year |
| MFAA cap | Courses and workshops | Up to 25 per renewal year |
| MFAA cap | Each self-directed activity | Up to 6 per renewal year |
Facts and sources for this part
- MFAA members must complete 30 CPD hours each membership renewal year, and at renewal they attest that they have. [S1]
- The MFAA FAQs say members with loan writing status must complete 30 CPD hours per membership year. [S5]
- ASIC expects representatives who give third-party home loan credit assistance to hold at least a Certificate IV in Finance and Mortgage Broking and to do at least 20 hours of CPD per year. [S6]
- The MFAA counts up to 25 hours a renewal year from courses and workshops, including online presentations and webinars. [S1]
- Self-directed learning, such as reading and research, also counts, but each such activity is eligible for up to 6 CPD hours per renewal year. [S1]
- ASIC expects a licensee to document a suitable number of CPD hours for its representatives, and notes that in other sectors between 10 and 30 hours a year is standard. [S6]
What counts
As a general rule you earn 1 CPD hour for each hour of activity you complete. The MFAA says CPD must be relevant to the mortgage and finance industry, your role and your career goals, so a course on an unrelated trade would not fit.
- Webinars, workshops and online courses relevant to your role.
- Online tutorials or quizzes on recent regulatory developments (ASIC’s list).
- Reading and research, within the per-activity limit.
Facts and sources for this part
- The MFAA says CPD must be relevant to the mortgage and finance industry, your role and your career goals. Webinars, workshops and online courses are listed among the activities that qualify. [S1]
- As a general rule, the MFAA says you earn 1 CPD hour for each hour of activity you complete. [S1]
- RG 206 lists completion of online tutorials or quizzes on recent regulatory, technical or professional developments in the industry as an activity that may count towards CPD. [S6]
- Self-directed learning, such as reading and research, also counts, but each such activity is eligible for up to 6 CPD hours per renewal year. [S1]
What to do next
Ask your licensee what it requires, log each activity as you finish it, and keep the certificate. This course is free to study and has a test with explanations, so you can see what it covers before you decide whether it fits.
The first lesson walks through these rules in more detail and shows what to write in your own record.
Facts and sources for this part
- ASIC generally expects a credit licensee to decide what initial and ongoing training its representatives need, and to build it into its recruitment and training systems. [S3]