How many hours do MFAA members need?
MFAA members must complete 30 CPD hours each membership renewal year. At renewal you tick a box to say you have.
The MFAA FAQs say the 30 hours apply to members with loan writing status. If you are not an MFAA member, your aggregator or licensee sets your number, as the next part explains.
Remember
- 30 CPD hours each membership renewal year.
- You attest at renewal; the MFAA can ask to see your evidence.
- Loan writing status is the group the MFAA FAQs name.
What do ASIC and your licensee expect?
ASIC does not set one training plan for every credit representative. It 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.
For representatives giving third-party home loan credit assistance, ASIC expects at least a Certificate IV in Finance and Mortgage Broking and at least 20 hours of CPD per year. A licensee should also document a suitable number of hours for its representatives; ASIC notes that in other sectors between 10 and 30 hours a year is standard.
Licensees must keep monitoring and supervising their representatives, so your licensee is allowed to ask what training you have done.
Remember
- Your licensee decides your training; ASIC expects it to be documented.
- Third-party home loan brokers: Certificate IV plus at least 20 hours of CPD per year.
- The MFAA number and the licensee number can both apply to you.
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]
- A credit licensee must ensure that its representatives are adequately trained and competent for the credit activities the licence authorises. [S3]
- 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]
- 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]
- Licensees have a continual obligation to monitor and supervise their representatives so that they stay adequately trained and competent. [S4]
What counts as CPD, and what is capped?
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, and as a general rule you earn 1 CPD hour for each hour of activity you complete.
Courses and workshops count for up to 25 hours a renewal year. Self-directed learning such as reading counts too, but each activity is eligible for up to 6 CPD hours per renewal year.
ASIC lists completing online tutorials or quizzes on recent regulatory, technical or professional developments as an activity that may count. It caps viewing videos of recent seminars at 10 hours per year, and generally does not regard private study as adequate unless it involves audio or visual material specifically designed for the purpose.
Remember
- Online courses and webinars are named activities; the cap is 25 hours a year.
- Reading is capped at 6 hours per activity per renewal year.
- Online quizzes on recent developments are on ASIC’s list; passive private study is not enough.
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]
- 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]
- 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]
- RG 206 counts viewing videos of recent seminars or conferences towards CPD only up to a maximum of 10 hours per year. [S6]
- ASIC says its list of CPD activities is not exclusive, but it generally does not regard private study as adequate unless it involves audio or visual material specifically designed for the purpose. [S6]
Where this course fits, and what to record
This course is online, with review questions after each lesson and a final test. That is the kind of interactive activity ASIC’s list describes, but the decision on whether it counts is yours and your licensee’s. We have not asked the MFAA or ASIC to allocate or approve any hours for it.
The MFAA invites providers to apply for CPD allocation, so that members who take part earn recognised CPD hours. This course has not been submitted for that. You count your own hours under the general rule, and your licensee can overrule you.
If you keep your own records, include your name, the date, the provider, a description of the activity and the hours earned. Keep your certificate, receipts and confirmation emails as proof. The certificate from this course has a ready entry you can edit.
Remember
- You and your licensee decide relevance; no body has been asked to allocate hours.
- Record name, date, provider, description and hours.
- Keep the certificate and receipt with your CPD record.
Facts and sources for this part
- If you keep your own CPD records, the MFAA says to include your name, the date of the activity, the CPD provider details, a description of the activity and the number of hours earned. [S1]
- The MFAA suggests keeping copies of certificates, receipts, confirmation emails or calendar entries as proof of your CPD. [S1]
- The MFAA invites providers to apply for CPD allocation, so that members who take part earn recognised CPD hours. [S1]
Check what you have learned
Three questions from the test, each explained. Tap an answer.
Question 1 of 3
According to ASIC, who decides what initial and ongoing training a credit representative needs?
Show the answer
Right answer: A, The credit licensee, who should build it into its training systems. ASIC generally expects the credit licensee to decide what training is appropriate and to embed it in its recruitment and training systems. [S3]
Question 2 of 3
What is the MFAA’s yearly limit on hours from courses and workshops, including online presentations and webinars?
Show the answer
Right answer: A, Up to 25 hours per renewal year. The MFAA counts up to 25 hours a renewal year from courses and workshops. [S1]
Question 3 of 3
You keep your own CPD records. Which details does the MFAA say to include?
Show the answer
Right answer: C, Your name, the date, the provider details, a description and the hours earned. The MFAA says own records should include your name, date of activity, CPD provider details, description of the activity and number of hours earned. [S1]