Plugging the knowledge gap with CPD

There isn’t a single mandatory CPD point requirement for all financial advisers as the Financial Markets Authority (FMA) does not set a specific number.

Instead, it says financial advisers must maintain their competence, knowledge, and skill by progressively completing learning activities that are relevant to the advice they provide and the regulatory framework.

Kiwi Adviser Network business development manager Warwick Slow says, in a LinkedIn post, how many CPD hours a financial adviser should be doing is a question that comes up a lot.

The new Financial Advice Code comes into effect on November 1 and tweaks the rules around CPD, asking advisers to plan and record learning that is relevant to their practice, but it is non-prescriptive and doesn’t set any hard minimums. It also recognises “informal” learning including reading or self-directed study.