Education
99 Continuing Professional Development
Continuing Professional Development
About the scheme
The need for, and benefits of, continuing professional development (CPD) are widely recognised. Well structured CPD helps individuals to develop their existing knowledge and skills, and to ensure their competence is constantly updated to meet the demands of an ever changing and challenging work environment.
The Compliance Institute’s CPD scheme is designed to be flexible to the needs of its members, to enable CPD to be carried out in a way that meets individual needs, and to facilitate quick and easy recording of CPD activities.
Who the scheme applies to
The CPD scheme is mandatory for all members of the Institute, with the sole exception of those who are registered as “retired”. (Retired members are those who are no longer engaged in any compliance work whether as employees, consultants, trainers, expert witnesses etc.).
The scheme applies equally to those in full time or part time roles.
Since the scheme is a requirement of Institute membership, failure to undertake CPD may affect a member’s right to use designatory letters, where these have been previously granted.
Scheme requirements
The Institute requires its members to undertake and record qualifying CPD activities totalling not less than 100 credits in each scheme year. The scheme year runs from 1st January to 31st December annually.
Each qualifying CPD activity carries a specified number of credits which count towards an individual’s annual target.
The scheme is self-certifying, so there is no requirement for CPD to be “signed-off” by employers or peers.
However, each year the Institute will require a random sample of members to submit their CPD records for review, so members should make every effort to keep these up to date as each CPD activity is completed.
Scheme structure
The types of activity and related credits are designed to stimulate a range of approaches to completing annual CPD, and to discourage sole reliance on “passive” options, such as reading of magazines and journals.
In each case, the activity must be relevant to the individual’s compliance role.
Category of Activity | Description | Credits |
1. Authorship | Researching and writing technical articles, books or manuals for publication or use by other industry professionals | 25 per item |
2. Computer-based training | Using interactive training packages which incorporate assessments confirming the achievement of learning objectives | 20 per subject |
3. Conferences and seminars | Attending a conference or seminar presented (in-house or externally) by subject matter experts | 20 per event * |
4. Courses | Attending face to face training courses (in-house or external) involving participative discussions, syndicate exercises etc. | 20 per course |
5. Distance learning | Personal study using course books or study texts where assignments are submitted for assessment by third party subject experts | 30 per subject |
6. Examinations | Studying for and sitting an examination, awarded by an examining body, which is relevant to the individual’s compliance role | 75 per subject |
7. Informal study | Reading, over the course of a year, financial or industry press, magazines, journals, periodicals, technical papers etc. | 15 per title |
8. Moderator or Examiner (acting as) | Setting or moderating an examination paper for an examining body in a subject relevant to the individual’s compliance role | 30 per subject |
9. Regional events | Attending regional meetings, discussion groups, technical committees, workshops, and related events | 15 per event |
10. Tuition (preparation or delivery) | Providing structured training for others (via course or study text) which includes clear objectives and learning outcomes | 25 per subject |
* There is a different tariff for the following Compliance Institute events:
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Record Keeping
CPD can be recorded on the Institute’s CPD Personal Record Card.
Please note that if a member already records CPD for their employer or another professional body in a different format, the Institute does not require duplicate records to be kept. It will be sufficient for the member to annotate their existing record to show how the CPD they have undertaken meets the Institute’s minimum CPD requirements. It is, however, the member’s responsibility to demonstrate that those requirements have been met.
We hope the following example will be helpful:
Example of CPD Record maintained for employer or another professional institute, annotated to show how minimum Compliance Institute requirements are met.
Activity Claim Sheet for year to 31st December 2009
XYZ Professional Institute
Name : |
Activity 14th – 15th March 2008 Attend “Effective Management” course at Spontaneous Training Ltd. Duration: 14 hours XYZ Category: 1 | Why undertaken and benefits achieved To improve delegation and time management skills. Helped to identify areas suitable for delegation, and how to exercise better oversight techniques. CI Category 4 Credits 20 |
Activity 23rd September 2008 Attend FSA seminar on training and competence. Duration: 3 hours XYZ Category: 5 | Why undertaken and benefits achieved To keep abreast of the FSA’s training and competence standards and the regime that firms are expected to maintain. Key information for oversight of firm’s scheme. CI Category 3 Credits 20 |
Activity 11th November 2008 Attend Compliance Institute seminar on the “Regulatory State of the Nation”. Duration: 3 hours XYZ Category: 5 | Why undertaken and benefits achieved To update understanding of areas of regulatory concern. Essential information prior to completing oversight plan for 2009 CI Category 3 Credits 20 |
Activity 23rd and 24th November 2008 Attend annual Society of Financial Advisers Update Conference. Duration: 10 hours XYZ Category: 5 | Why undertaken and benefits achieved To update legal, regulatory, product, and market knowledge, especially in areas of investment planning, use of structured products, and self invested personal pensions. Essential business knowledge. CI Category 3 Credits 20 |
Activity Periodically throughout the year Annual reading of technical publications, press and industry journals, including FSA CP / PS papers; CI Gazette; and Financial Times. Duration: Est. 50 hours XYZ Category: 8 | Why undertaken and benefits achieved To keep up to date on all product, market and legislative developments, in order to maintain technical competence. CI Category 7. Credits: 3 titles at 15 credits = 45 credits. |
XYZ categories claimed | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 |
Number of hours | 14 | 16 | 50 |
Total credits for CI scheme: 125
Signature Date |