AMP advisers hit by CPD problems
AMP Limited has hit another advice road bump, confirming that it has had to revert to its old platform for handling financial adviser continuing professional development (CPD).
The company has confirmed to Money Management that it has delayed the roll-out of its new CPD/learning management system and reverted to its old platform known to advisers as *L@AMP.
The new platform had been aimed at adviser’s CPD obligations were calculated appropriately against the new standards imposed under the Financial Adviser Standards and Ethics Authority (FASEA) regime.
Money Management understands that the pre-existing portal was taken down from service on 30 August to allow a transfer to the new platform but that the it had become beset by problems and delays.
A number of AMP advisers told Money Management they had been concerned that the problems would hamper them in meeting their CPD obligations to FASEA.
They acknowledged that, while ultimately, it was the responsibility of the adviser to keep accurate records there had been reliance on AMP with respect to AMP-based webinars, Professional Development days and other training.
AMP is now expected to continue with its reliance on the old platform and move gradually to bring the new regime on line.
Recommended for you
ASIC has released the results of its first adviser exam to be held in 2025, with 241 candidates attempting the test.
Quarterly Wealth Data analysis has uncovered positive improvements in financial adviser numbers compared with losses in the prior corresponding period.
Holding portfolios that are too complex or personalised can be a detractor for acquirers of financial advice firms as they require too much effort to maintain post-acquisition.
As the financial advice profession continues to wait on further DBFO legislation, industry commentators have encouraged advisers to act now in driving practice efficiency.
