We help professionals remain compliant and future ready
Providing licensing compliance training solutions and CPD courses for banking and financial workplaces.
We help professionals remain compliant and future ready
Providing licensing compliance training solutions and CPD courses for banking and financial workplaces.
Building capability and accountability
Financial Education Professionals have been delivering specialist technical training and licensing compliance solutions to financial workplaces for over two decades.
Initial compliance training solutions
Continuing professional development
- Dedicated and expert support
-
RG146 Compliance
Become RG146 compliant in your specialist product knowledge area. We offer Tier 1 & Tier 2 solutions.Learn More -
AFSL Responsible Manager
Meet your RG 105 organisational competency requirements for your Australian Financial Services Licence.Learn More -
General Compliance
Our General Corporate Compliance training is a suite of engaging modules designed to meet regulatory compliance and conduct requirements.Learn More -
CPD
Make your CPD points count. Ensure your CPD program is fit for now and into the future.Learn More
Corporate Training Solutions
Set your team up for success
Talk with us to develop your team training program to comply with your licence obligations and mitigate conduct risk.
Our tiered approach accommodates all learning levels, from customer-facing teams through to senior leaders.
Regulatory News
-
24 October 2024
APRA publishes Opening Statement to the Senate inquiry into Australia’s financial regulatory framework and home ownership
24 October 2024APRA’s primary purpose is to ensure the safety and stability of the Australian financial system. A stable financial system is essential for a thriving and dynamic economy.
APRA’s mandate in supervising banks is to protect the interests of depositors and to promote financial stability. This objective is critical to the Australian community’s long-term financial well-being – a safe and stable financial system enables households and businesses to confidently borrow, save and invest for the future. We strive to perform our role in keeping with our Statement of Expectations which includes the facilitation of the flow of finance to the economy.
View APRA WebsiteAPRA’s primary purpose is to ensure the safety and stability... -
24 October 2024
APRA amends operational risk financial requirements for superannuation trustees
24 October 2024The Australian Prudential Regulation Authority (APRA) has amended the prudential requirements for superannuation trustees relating to operational risk financial requirements (ORFR) as set out in Prudential Standard SPS 114 Operational Risk Financial Requirement (SPS 114) and related guidance.
The changes aim to strengthen operational resilience by ensuring trustees can better access the financial resources held to meet the ORFR when needed and to maintain an appropriate level of reserving.
The key changes are to:
- clarify the purpose of the ORFR;
- widen the allowable range of uses for the ORFR;
- introduce a clear and direct relationship with Prudential Standard CPS 230 Operational Risk Management (CPS 230); and
- amend the APRA notification requirements to facilitate further use of the ORFR.
APRA amends operational risk financial requirements for superannuation trustees
The Australian Prudential Regulation Authority (APRA) has amended the prudential... -
24 October 2024
Keynote address by ASIC Commissioner Kate O’Rourke at the 34th Annual Credit Law Conference
24 October 2024Keynote address by ASIC Commissioner Kate O’Rourke at the 34th Annual Credit Law Conference.
Key Points
- Improving consumer outcomes in relation to financial products and services is a priority for ASIC. We will continue to focus on protecting consumers from poor conduct and harm from products in the credit and banking sectors.
- We also remain focused on advancing digital and data safety including addressing technology enabled misconduct like scams – and monitoring the use of artificial intelligence.
- We continue to monitor the regulatory settings (including the responsible lending obligations) and their outcomes. Our findings indicate that consumers continue to be able to access credit overall – and it is increasing.
Keynote address by ASIC Commissioner Kate O’Rourke at the 34th Annual Credit Law Conference
Keynote address by ASIC Commissioner Kate O’Rourke at the 34th... -
22 October 2024
APRA releases letter to RSE licensees on intensified supervision approach
22 October 2024The Australian Prudential Regulation Authority (APRA) has written to all registrable superannuation entity (RSE) licensees outlining its approach for intensifying supervision of fund-level expenditure.
The letter provides RSE licensees with clarity about APRA’s planned activity in this area over the next 12 months, in accordance with APRA’s recently released Corporate Plan.
View APRA WebsiteAPRA releases letter to RSE licensees on intensified supervision approach
The Australian Prudential Regulation Authority (APRA) has written to all... -
22 October 2024
ASIC annual report underscores transformation
22 October 2024ASIC’s program of transformation continued in 2023–24, according to the agency’s latest annual report.
ASIC Chair Joe Longo said the report highlighted a range of key regulatory and enforcement outcomes focused on protecting consumers, reducing costs for businesses, and strengthening capabilities.
‘We have made significant progress with the program of transformation work we began three years ago,’ Mr Longo said.
View ASIC WebsiteASIC annual report underscores transformation
ASIC’s program of transformation continued in 2023–24, according to the... -
18 October 2024
Court rules Harvey Norman and Latitude advertising misled consumers
18 October 2024The Federal Court today ruled Latitude Finance Australia and Harvey Norman Holdings Ltd engaged in misleading conduct and made false or misleading representations in relation to a widespread advertising campaign for a 60-month interest free and no deposit payment method.
ASIC was concerned the advertisements masked the fact consumers were required to take out a credit card, such as the Latitude GO Mastercard, to purchase goods. The advertisements were published between January 2020 and August 2021.
ASIC Deputy Chair Sarah Court said, ‘ASIC took this case because we believed many consumers may have been unaware of the financial arrangements they were entering into when they bought everyday products at Harvey Norman stores. In some cases, this may have meant they paid considerably more for purchases than they expected.’
View ASIC WebsiteCourt rules Harvey Norman and Latitude advertising misled consumers
The Federal Court today ruled Latitude Finance Australia and Harvey... -
25 September 2024
ASIC’s Vanguard greenwashing action results in record $12.9 million penalty
25 September 2024The Federal Court today ordered Vanguard Investments Australia to pay a $12.9 million penalty for making misleading claims about environmental, social and governance (ESG) exclusionary screens.
These screens were applied to investments in the Vanguard Ethically Conscious Global Aggregate Bond Index Fund.
ASIC Deputy Chair Sarah Court said, ‘This is an important decision and the penalty imposed is the highest yet for greenwashing conduct. Greenwashing is a serious threat to the integrity of the Australian financial system, and remains an enforcement priority for ASIC.
View ASIC WebsiteASIC’s Vanguard greenwashing action results in record $12.9 million penalty
The Federal Court today ordered Vanguard Investments Australia to pay... -
18 September 2024
ASIC urges businesses to prepare for mandatory climate reporting
18 September 2024From 1 January 2025, many large Australian businesses and financial institutions will need to prepare annual sustainability reports containing mandatory climate-related financial disclosures, following the passage of a major bill through Parliament.
The Treasury Laws Amendment (Financial Market Infrastructure and Other Measures) Bill 2024 (Cth) passed Parliament on 9 September 2024 and received Royal Assent on 17 September 2024.
ASIC Commissioner Kate O’Rourke urged those entities captured by the rollout to proactively engage with these mandatory climate reporting requirements.
‘Large businesses and financial institutions should ensure that they implement appropriate governance arrangements and sustainability record-keeping processes ahead of the mandatory climate reporting requirements taking effect from 1 January 2025,’ said Commissioner O’Rourke.
‘This is a significant reform that will have far-reaching implications for many of our key stakeholders. ASIC recognises there will be a period of transition as organisations develop the capabilities required to comply. We will take a proportional and pragmatic approach to supervision and enforcement as industry adjusts to these new requirements.’
View ASIC WebsiteASIC urges businesses to prepare for mandatory climate reporting
From 1 January 2025, many large Australian businesses and financial... -
11 September 2024
AML/CTF Amendment Bill introduced in Parliament
11 September 2024Set to take full effect from 1 July 2026 (with 31 March 2026 a key date for some requirements), the reforms represent the most significant and substantial changes to Australia’s AML/CTF regime since its inception, imposing measures that dramatically affect both current reporting entities and services being captured for the first time.
View sourceAML/CTF Amendment Bill introduced in Parliament
Set to take full effect from 1 July 2026 (with... -
10 September 2024
ASIC calls on product issuers to review distribution practices for DDO compliance
10 September 2024ASIC is calling on product issuers to ensure distribution practices are up to scratch, pointing to flawed consumer questionnaires being the catalyst for some recent interim stop orders.
The call to action follows ASIC’s latest design and distribution obligations (DDO) surveillance, which looked at the obligation for product issuers to take reasonable steps to support appropriate distribution of their products. Poor product design and distribution puts consumers at risk of financial harm as they can end up with products that don’t meet their needs.
View ASIC WebsiteASIC calls on product issuers to review distribution practices for DDO compliance
ASIC is calling on product issuers to ensure distribution practices... -
12 July 2024
ASIC and APRA issue final rules and information for the Financial Accountability Regime
12 July 2024The Australian Securities and Investments Commission and the Australian Prudential Regulation Authority have published new information to help insurers and superannuation trustees prepare for the commencement of the Financial Accountability Regime.
The FAR already applies to the banking industry, and takes effect for the insurance and superannuation industries from 15 March 2025. It imposes a strengthened responsibility and accountability framework to improve the risk governance cultures of APRA-regulated entities, their directors and most senior executives.
View ASIC WebsiteASIC and APRA issue final rules and information for the Financial Accountability Regime
The Australian Securities and Investments Commission and the Australian Prudential... -
10 July 2024
ASIC successful in first DDO case against Firstmac
10 July 2024The Federal Court found that Firstmac Limited breached the new design and distribution provisions by failing to take reasonable steps that would have resulted in, or would have been reasonably likely to have resulted in, the distribution of one of its investment products being consistent with its target market determination for the product. This is the first finding by a court of a contravention of these provisions.
The Court found Firstmac implemented a ‘cross-selling strategy’ of marketing investments in its High Livez investment product to 780 consumers who held existing term deposits with Firstmac. In doing so, it breached its design and distribution obligations (DDO) when it sent product disclosure statements (PDS) for the Firstmac High Livez product to those existing term deposit holders, without first taking reasonable steps to ensure consistency with its TMD for the product. The conduct occurred between from October 2021 to September 2022.
ASIC Deputy Chair Sarah Court said ‘ASIC took this case because we were concerned that customers were exposed to the risk they might obtain a financial product that was not appropriate to their needs and objectives. This should act as a deterrent to anyone engaged in cross-selling financial products who fails to consider their design and distribution obligations before sending product disclosure statements,’ Ms Court said.
View ASIC WebsiteASIC successful in first DDO case against Firstmac
The Federal Court found that Firstmac Limited breached the new... -
5 July 2024
Court declares PayPal Australia used an unfair contract term
5 July 2024The Federal Court has declared a term used by PayPal Australia Pty Limited (PayPal) in its standard form contracts with small businesses to be unfair.
The Court found that the term was unfair because its effect was to allow PayPal to retain fees that it had erroneously charged if the small business failed to notify PayPal of the error within 60 days of the fee appearing on its account statement.
The declarations affect small businesses who opened a PayPal Business Account between 21 September 2021 to 7 November 2023. As of 30 June 2023, there were over 600,000 small businesses with PayPal Business Accounts. PayPal agreed that the term was unfair and consented to the declarations, having voluntarily removed the term from its contracts on 8 November 2023.Deputy Chair Sarah Court said, ‘ASIC is dedicated to protecting consumers and small businesses from unfair contract terms and ensuring that all financial services providers use fair contract terms.’
‘Today’s decision serves as a reminder to all businesses that unfair contract terms contained within standard form contracts with small businesses will not be tolerated, and that ASIC will take decisive action where appropriate to protect the rights of consumers and small businesses.’
View ASIC WebsiteCourt declares PayPal Australia used an unfair contract term
The Federal Court has declared a term used by PayPal... -
4 July 2024
APRA strengthens core prudential standard to support outcomes for members in super
4 July 2024The Australian Prudential Regulation Authority (APRA) has enhanced a core prudential standard governing strategic planning and member outcomes in superannuation.
The updated Prudential Standard SPS 515 Strategic Planning and Member Outcomes (SPS 515) and related guidance reinforce trustees’ duty to act in the best financial interests of members. The changes ensure members’ interests are front-and-centre in trustees’ strategic and business planning, financial resource management, implementation of the retirement income covenant and fund transfers.
Deputy Chair Margaret Cole said: “By strengthening this core strategic planning standard, APRA is setting a clear expectation for trustees to put members front of mind in every decision they make and the way they run their businesses every day.”
View APRA WebsiteAPRA strengthens core prudential standard to support outcomes for members in super
The Australian Prudential Regulation Authority (APRA) has enhanced a core... -
27 June 2024
Speech by ASIC Chair Joe Longo at the Australian Banking Association Conference, 27 June 2024.
27 June 2024Putting customers at the centre of banking
Speech by ASIC Chair Joe Longo at the Australian Banking Association (ABA) Conference, 27 June 2024.
KEY POINTS
- Banks have a serious impact on the lives of Australians. When the customer is at the heart of their operations, that impact is for the good.
- Following consultation, ASIC has approved the new February 2025 Banking Code of Practice. As self-regulatory initiatives, industry codes have the potential to deliver real benefits to consumers, small businesses and subscribing entities.
- ASIC will continue to remain focused on the need for enhanced consumer protections, including in relation to proactively identifying customers eligible for basic bank accounts, the proactive identification of consumer vulnerability, and protections for loan guarantors.
Speech by ASIC Chair Joe Longo at the Australian Banking Association Conference, 27 June 2024.
Putting customers at the centre of banking Speech by ASIC... -
27 June 2024
ASIC approves enhanced Banking Code of Practice
27 June 2024ASIC has approved a new version of the Australian Banking Association’s (ABA) Banking Code of Practice, which includes enhancements to key protections. The new Code will commence on 28 February 2025.
View ASIC WebsiteASIC approves enhanced Banking Code of Practice
ASIC has approved a new version of the Australian Banking... -
26 June 2024
APRA publishes Chair John Lonsdale’s speech to Australian Banking Association Conference
26 June 2024The Australian Prudential Regulation Authority (APRA) has published a speech delivered by Chair John Lonsdale to the Australian Banking Association Conference in Melbourne.
In “A view from the other side”, Mr Lonsdale spoke about the importance of a strong, stable and resilient banking system to protect the community and taxpayers, as well as supporting a thriving economy.
View APRA WebsiteAPRA publishes Chair John Lonsdale’s speech to Australian Banking Association Conference
The Australian Prudential Regulation Authority (APRA) has published a speech... -
26 June 2024
ASIC calls on market intermediaries to strengthen supervision of business communications
26 June 2024ASIC is calling on market intermediaries to strengthen their supervisory arrangements for recording and monitoring representatives’ business communications to prevent, detect and promptly address misconduct and contraventions of financial services laws.
View ASIC WebsiteASIC calls on market intermediaries to strengthen supervision of business communications
ASIC is calling on market intermediaries to strengthen their supervisory... -
19 June 2024
APRA releases letter on SPS 530 Valuation Governance Framework Self-Assessment Survey
19 June 2024The Australian Prudential Regulation Authority (APRA) has released a letter to RSE licensees outlining key observations from the SPS 530 Valuation Governance Framework Self-Assessment Survey.
The survey of unlisted asset governance practices was conducted by APRA in late 2023 to assess the implementation of the enhanced requirements contained in Prudential Standard SPS 530 Investment Governance and related guidance.
View APRA WebsiteAPRA releases letter on SPS 530 Valuation Governance Framework Self-Assessment Survey
The Australian Prudential Regulation Authority (APRA) has released a letter... -
3 June 2024
APRA clarifies expectations on cyber security and adequacy of backups
3 June 2024The Australian Prudential Regulation Authority (APRA) has written to all APRA-regulated entities emphasising the critical role of data backups in cyber resilience. This communication is part of APRA’s ongoing commitment to supervising cyber resilience across industry, as outlined in its Interim Policy and Supervision Priorities update.
The letter details the common issues observed in backup practices that could hinder system restoration during an incident. APRA expects regulated entities to review their backup arrangements and address any identified gaps promptly.
View APRA WebsiteAPRA clarifies expectations on cyber security and adequacy of backups
The Australian Prudential Regulation Authority (APRA) has written to all...
Latest Insights
October Corporate Publications
Access the regulators annual reports all in one place. We’ve collated them all, to make them easier for you.
Navigating Conflicts of Interest in the Financial Sector
Conflicts of interest can occur in any workplace - individuals and organisations that deal in financial services face even greater scrutiny when it comes to conflicts of interest, and there are strict regulations in place to prevent harm to consumers.
Regulatory Policy Watch – October
Our rundown of what issues we’re keeping on our policy radar includes DDO, ESG and AML/CTF.