The Australian Institute of Superannuation Trustees (AIST) is ramping up its education activities and is now offering nationally recognised courses as a registered training organisation (RTO) with the Australian Securities and Investments Commission (ASIC).
AIST president Susan Ryan says: “Responding to the new licensing regimes, to the difficult investment environment and to the ever present competition from the commercial sector, AIST last year decided to overhaul and upgrade its training completely.
“Not only is AIST now an RTO, with all that that implies, it has positioned itself, in a market with many providers, as the trustee training provider of choice.”
She adds: “Going forward, AIST will continue its high profile policy and advocacy work for trustees, but education and training will continue to be the main game.”
AIST has begun rolling out a course in Policy Statement 146 (PS 146) targeted at the super industry, specifically trustees. Recognising the time pressures trustees face in balancing their fund responsibilities with their day jobs, the course has been designed to be either done as a four day course, or to be completed by distance education.
AIST executive officer Fiona Reynolds says: “Coming into the new licensing regime, we feel there will be further scrutiny of trustees’ training and of what trustees are required to do, so we’ve geared up to provide these further credentials.”
AIST will also be rolling out a Certificate 3 in Financial Services, Certificate 4 in Financial Services and the Diploma of Financial Services over the next 12 months.
Superpartners has already contracted AIST to train the majority of its staff — from executive level to call centre employees — in PS 146, while the newly appointed HOST-PLUS board is also doing the course at the moment.
“We are also training the LIST super fund; challenger staff super fund; Comsuper; First super fund; some members of PSS/CSS and AGEST Board, Catholic Super Board, and Mellon Corporate Trustees, so as you can see, our training is growing steadily,” says Reynolds.
Also to be introduced before the end of the year is a Certificate of Trusteeship, which trustees will earn by accumulating 20 continuing professional development (CPD) points over the course of a year.
“We hope it will assist our members in providing evidence of their ongoing education to show regulators,” says Reynolds.
In line with this move, fund staff and trustees who attend a set proportion of educational sessions at next year’s Conference of Major Superannuation Funds (CMSF) will receive a certificate of attainment, and these hours will contribute to the overall CPD tally for the year. The process was successfully trailed at IFS’s equities conference earlier this year.
