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Jessica Darnbrough
Highlighting its commitment to the third party distribution channel, the Commonwealth Bank has begun sending letters to its accredited brokers advising them of the total CPD points they have earned.
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The letters are being sent every six months and inform the lender’s accredited brokers of the total number of MFAA CPD Activity Hours they have accrued by attending CBA’s professional development days or training sessions.
According to a spokesperson for the company, the letters not only shows the bank’s ongoing commitment to the channel, but they also help brokers track and record their activity hours which they must do to maintain the membership of the MFAA.
This week the lender will send more than 3,000 letters out to its broker partners, advising them of the CPD activity hours they have earned since 1 January 2011.
“We are proud to offer brokers this service. Commonwealth Bank is passionate about developing and supporting brokers who are competent and capable,” the spokesperson said.
Before the letters are sent to the individual brokers, CBA also advises the respective head groups of the hours their brokers have earned.
National Mortgage Brokers’ Gerald Foley told The Adviser that the CBA initiative was very helpful and a positive contribution to the training of brokers.
Of course, he said the letter would not replace the role of the license holder, he added.
“As a license holder, we monitor all of the hours our credit representatives have earned. This letter in no way replaces our role, however, it does show CBA is committed to the third party distribution channel,” he said.
