Tighter restrictions on CPD needed: Century 21

"What we need to look at is how brokers are spending those 20 hours," Mr Green said.

"The definition of the 20 hours should be tightly analysed and restricted to ensure the quality of information that brokers are giving to customers is up-to-date and consistent with what the bank would tell them."

Mr Green suggested brokers complete a course and study their top six lenders as part of their 20 hours every year, which he says "would improve the industry".

Darren Little, general manager of Smartmove Mortgage Advisors, said he was happy with the current regulations set out by ASIC, but agreed that there needs to be a clearer definition of what can and can't be included as CPD hours.

"Every broker is aware of the obligation to complete 20 hours of CPD every year. The challenge lies in the execution," he said.

"Ultimately, it is up to the broker to self-regulate their CPD."

Oxygen Home Loans general manager Alan Hemmings said it would be hard for ASIC to verify the information that brokers provide about their CPD.

"You can't prove whether someone was at a session or not unless you're tracking each and every person going in and out of that session," he said.

"It's really up to the brokers to tell the truth. I mean, that's really what our industry is about."

[Related: Should ethics class be mandatory for brokers?]