(1) A financial services licensee must retain evidence of the continuing professional development undertaken during the licensee's CPD year by:
(a) if the licensee is a relevant provider--the licensee; and
(b) if a relevant provider is authorised to provide personal advice to retail clients, on behalf of the licensee, in relation to relevant financial products--the relevant provider.
(2) The evidence must be retained for 12 months after the end of the CPD year.
(3) A person commits an offence if:
(a) the person is required to retain evidence under this section; and
(b) the person fails to retain the evidence in accordance with this section.
Penalty: 50 penalty units.